Left Brain Wealth Management LLC Sells 3,501 Shares of Arista Networks, Inc. (NYSE:ANET)

Left Brain Wealth Management LLC reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 4.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 72,817 shares of the technology company's stock after selling 3,501 shares during the period. Arista Networks comprises about 2.4% of Left Brain Wealth Management LLC's investment portfolio, making the stock its 11th biggest position. Left Brain Wealth Management LLC's holdings in Arista Networks were worth $5,642,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the business. DSG Capital Advisors LLC acquired a new position in Arista Networks in the fourth quarter valued at about $5,984,000. Ibex Wealth Advisors boosted its position in Arista Networks by 14.4% in the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after buying an additional 7,329 shares in the last quarter. Berkshire Capital Holdings Inc. boosted its position in Arista Networks by 257.6% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after buying an additional 55,430 shares in the last quarter. Sowell Financial Services LLC acquired a new position in Arista Networks in the first quarter valued at about $629,000. Finally, Legal & General Group Plc lifted its position in shares of Arista Networks by 227.7% during the fourth quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company's stock worth $863,749,000 after purchasing an additional 5,429,857 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

NYSE:ANET traded up $2.42 during trading hours on Friday, hitting $108.71. The stock had a trading volume of 12,952,328 shares, compared to its average volume of 9,177,053. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company has a market cap of $136.53 billion, a price-to-earnings ratio of 46.02, a P/E/G ratio of 3.16 and a beta of 1.40. The business's 50 day moving average is $95.05 and its 200-day moving average is $94.98.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate 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 in the prior year, the firm earned $0.50 earnings per share. The business's quarterly revenue was up 27.6% on a year-over-year basis. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the sale, the chief executive officer owned 30,000 shares of the company's stock, valued at $3,072,900. This represents a 96.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the sale, the director directly owned 65,784 shares of the company's stock, valued at $6,536,298.24. This represents a 10.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,123,370 shares of company stock valued at $113,157,408. Corporate insiders own 3.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group reduced their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Evercore ISI upped their target price on shares of Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a research report on Wednesday, June 11th. Piper Sandler reiterated a "neutral" rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Finally, Rosenblatt Securities upped their target price on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and a consensus price target of $110.07.

About Arista Networks

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.