MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Cuts Stake in Arista Networks, Inc. (NYSE:ANET)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH cut its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 75.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 85,948 shares of the technology company's stock after selling 261,426 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in Arista Networks were worth $6,659,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. DSG Capital Advisors LLC purchased a new position in shares of Arista Networks during the 4th quarter worth approximately $5,984,000. Ibex Wealth Advisors raised its stake in shares of Arista Networks by 14.4% during the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock worth $4,501,000 after buying an additional 7,329 shares in the last quarter. GHE LLC raised its stake in shares of Arista Networks by 319.0% during the 4th quarter. GHE LLC now owns 28,368 shares of the technology company's stock worth $3,136,000 after buying an additional 21,597 shares in the last quarter. Colonial River Investments LLC raised its stake in shares of Arista Networks by 327.6% during the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock worth $1,077,000 after buying an additional 7,466 shares in the last quarter. Finally, Unified Investment Management purchased a new position in shares of Arista Networks during the 4th quarter worth approximately $630,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Price Performance

NYSE:ANET traded down $3.49 during trading hours on Friday, reaching $92.28. 6,205,708 shares of the company traded hands, compared to its average volume of 9,043,529. The firm's 50-day moving average is $85.82 and its 200-day moving average is $96.36. The stock has a market cap of $115.89 billion, a P/E ratio of 41.57, a P/E/G ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its 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 return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has approved a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock worth $9,360,205 over the last quarter. 3.39% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ANET. Citigroup increased their target price on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Morgan Stanley increased their target price on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Barclays cut their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price for the company. in a research note on Wednesday. Finally, Evercore ISI dropped their price objective on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and an average price target of $107.38.

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.