National Bank of Canada FI Sells 155,530 Shares of Arista Networks, Inc. (NYSE:ANET)

National Bank of Canada FI trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 13.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 974,237 shares of the technology company's stock after selling 155,530 shares during the quarter. National Bank of Canada FI owned approximately 0.08% of Arista Networks worth $75,480,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. DSG Capital Advisors LLC purchased a new position in shares of Arista Networks during the fourth quarter valued at approximately $5,984,000. Ibex Wealth Advisors lifted its holdings in shares of Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after purchasing an additional 7,329 shares during the last quarter. Sowell Financial Services LLC purchased a new position in shares of Arista Networks during the first quarter valued at approximately $629,000. Commonwealth Equity Services LLC lifted its holdings in shares of Arista Networks by 19.8% during the first quarter. Commonwealth Equity Services LLC now owns 613,309 shares of the technology company's stock valued at $47,519,000 after purchasing an additional 101,162 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Arista Networks by 94.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 650,011 shares of the technology company's stock valued at $50,363,000 after purchasing an additional 316,309 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on ANET. Erste Group Bank upgraded shares of Arista Networks from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Rosenblatt Securities lifted their target price on shares of Arista Networks from $106.00 to $125.00 and gave the company a "neutral" rating in a report on Wednesday. Redburn Atlantic started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price for the company. Wolfe Research started coverage on shares of Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Finally, Piper Sandler boosted their price objective on shares of Arista Networks from $89.00 to $143.00 and gave the stock a "neutral" rating in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.07.

Arista Networks Trading Down 0.1%

NYSE:ANET opened at $139.15 on Friday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $141.01. The company has a market cap of $174.89 billion, a PE ratio of 54.73, a price-to-earnings-growth ratio of 3.61 and a beta of 1.37. The company has a 50 day simple moving average of $105.60 and a two-hundred day simple moving average of $95.54.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.08. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same quarter in the previous year, the firm posted $0.53 EPS. The company's revenue for the quarter was up 30.4% compared to the same quarter last year. Research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has authorized 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 shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 1,785,165 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the completion of the sale, the chief executive officer owned 5,698,074 shares of the company's stock, valued at $776,191,640.28. The trade was a 23.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kelly Bodnar Battles sold 864 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $114.68, for a total transaction of $99,083.52. Following the sale, the director directly owned 7,460 shares of the company's stock, valued at approximately $855,512.80. The trade was a 10.38% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,228,907 shares of company stock worth $638,699,061. 3.39% of the stock is currently owned by insiders.

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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