Janney Montgomery Scott LLC Trims Stake in Arista Networks, Inc. (NYSE:ANET)

Janney Montgomery Scott LLC reduced its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 6.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 130,880 shares of the technology company's stock after selling 9,486 shares during the quarter. Janney Montgomery Scott LLC's holdings in Arista Networks were worth $10,141,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Optas LLC raised its stake in shares of Arista Networks by 2.2% in the first quarter. Optas LLC now owns 24,214 shares of the technology company's stock worth $1,876,000 after buying an additional 511 shares during the period. Brighton Jones LLC increased its holdings in Arista Networks by 151.2% in the 1st quarter. Brighton Jones LLC now owns 19,610 shares of the technology company's stock worth $1,519,000 after acquiring an additional 11,804 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Arista Networks by 14.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 71,162 shares of the technology company's stock worth $5,514,000 after acquiring an additional 9,165 shares during the period. Sound Income Strategies LLC raised its position in shares of Arista Networks by 964.0% during the 1st quarter. Sound Income Strategies LLC now owns 3,373 shares of the technology company's stock valued at $261,000 after purchasing an additional 3,056 shares during the period. Finally, Ritholtz Wealth Management bought a new stake in shares of Arista Networks during the 1st quarter valued at $447,000. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Rosenblatt Securities upped their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. BNP Paribas downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Piper Sandler reissued a "neutral" rating and issued a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Finally, Wedbush started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating for the company. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $108.87.

Insider Transactions at Arista Networks

In related news, SVP Kenneth Duda sold 26,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total transaction of $2,397,980.00. Following the completion of the sale, the senior vice president now directly owns 592,400 shares of the company's stock, valued at approximately $54,637,052. This trade represents a 4.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 161,690 shares of company stock worth $14,525,085. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Performance

Shares of NYSE:ANET traded up $3.07 on Tuesday, reaching $95.02. The company's stock had a trading volume of 11,274,199 shares, compared to its average volume of 9,049,707. The company has a 50-day simple moving average of $87.89 and a 200 day simple moving average of $95.73. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The company has a market cap of $119.34 billion, a P/E ratio of 40.22, a PEG ratio of 2.53 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the firm earned $0.50 EPS. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.