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Massachusetts Financial Services Co. MA Reduces Stock Position in Arista Networks, Inc. (NYSE:ANET)

Arista Networks logo with Computer and Technology background

Massachusetts Financial Services Co. MA cut its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 59.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 539,204 shares of the technology company's stock after selling 790,448 shares during the quarter. Massachusetts Financial Services Co. MA's holdings in Arista Networks were worth $41,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. HighMark Wealth Management LLC grew its position in Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after buying an additional 230 shares during the period. Quarry LP grew its holdings in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the period. Dunhill Financial LLC boosted its stake in shares of Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Cloud Capital Management LLC acquired a new position in Arista Networks during the first quarter valued at approximately $30,000. Finally, McIlrath & Eck LLC acquired a new position in Arista Networks in the fourth quarter worth $35,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $112.11 on Friday. The firm has a market capitalization of $140.80 billion, a price-to-earnings ratio of 47.45, a PEG ratio of 3.16 and a beta of 1.40. The stock has a 50 day moving average of $96.68 and a 200 day moving average of $94.99. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping 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 analysts' expectations of $1.97 billion. During the same period in the prior year, the company earned $0.50 EPS. The firm's revenue was up 27.6% on a year-over-year basis. Analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ANET shares. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. JPMorgan Chase & Co. boosted their price objective on Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday. BNP Paribas Exane lowered Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a research report on Wednesday, June 11th. Barclays cut their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Finally, Wedbush initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Arista Networks presently has a consensus rating of "Moderate Buy" and an average price target of $111.40.

Get Our Latest Stock Analysis on Arista Networks

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the transaction, the director directly owned 65,784 shares in the company, valued at approximately $6,536,298.24. This represents a 10.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the transaction, the chief executive officer directly owned 30,000 shares in the company, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,123,370 shares of company stock worth $113,157,408. Insiders own 3.39% of the company's stock.

Arista Networks Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANET - Free Report).

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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