Mutual Advisors LLC Has $1.39 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Mutual Advisors LLC cut its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 20.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,894 shares of the technology company's stock after selling 4,478 shares during the quarter. Mutual Advisors LLC's holdings in Arista Networks were worth $1,394,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Krane Funds Advisors LLC bought a new stake in shares of Arista Networks during the 1st quarter worth $225,000. Compound Global Advisors LLC bought a new stake in shares of Arista Networks during the 1st quarter worth $194,000. Coastline Trust Co boosted its holdings in shares of Arista Networks by 1,006.8% during the 1st quarter. Coastline Trust Co now owns 487 shares of the technology company's stock worth $38,000 after buying an additional 443 shares during the period. Guerra Pan Advisors LLC boosted its holdings in shares of Arista Networks by 1.3% during the 1st quarter. Guerra Pan Advisors LLC now owns 17,706 shares of the technology company's stock worth $1,372,000 after buying an additional 230 shares during the period. Finally, Rossby Financial LCC bought a new stake in shares of Arista Networks during the 1st quarter worth $185,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

ANET opened at $102.45 on Friday. The firm's 50-day simple moving average is $92.93 and its 200-day simple moving average is $95.24. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The firm has a market cap of $128.66 billion, a price-to-earnings ratio of 43.36, a PEG ratio of 2.99 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping 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 business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has initiated a share repurchase plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total transaction of $794,880.00. Following the sale, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 26,000 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,397,980.00. Following the transaction, the senior vice president owned 592,400 shares in the company, valued at approximately $54,637,052. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,123,400 shares of company stock valued at $113,159,520 in the last 90 days. 3.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ANET shares. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. cut their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. 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 note on Wednesday, May 7th. BNP Paribas cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Finally, KeyCorp initiated coverage on shares of Arista Networks in a research note on Thursday, June 26th. They set an "overweight" rating and a $115.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $109.33.

Arista Networks 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.

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