Arista Networks, Inc. (NYSE:ANET) Shares Sold by Neo Ivy Capital Management

Key Points

• Neo Ivy Capital Management significantly reduced its stake in Arista Networks by 85.6%, selling 37,688 shares and leaving it with 6,328 shares valued at $490,000.
• Analysts maintained a generally positive outlook on Arista Networks, with sixteen out of twenty-two rated the stock as a "buy" and raising price targets significantly, the highest being $130.00.
• Arista Networks has authorized a share buyback program totaling $1.50 billion, reflecting confidence in its stock's perceived undervalue amidst a backdrop of insider selling.

Neo Ivy Capital Management trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 85.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,328 shares of the technology company's stock after selling 37,688 shares during the quarter. Neo Ivy Capital Management's holdings in Arista Networks were worth $490,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the business. Quarry LP boosted its stake in 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 purchasing an additional 206 shares during the period. Dunhill Financial LLC boosted its holdings in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares during the period. McIlrath & Eck LLC acquired a new stake in Arista Networks in the 4th quarter worth about $35,000. Aster Capital Management DIFC Ltd acquired a new position in Arista Networks in the 4th quarter valued at $37,000. Finally, HighMark Wealth Management LLC raised 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 purchasing an additional 230 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of ANET traded up $0.33 during mid-day trading on Friday, reaching $114.37. The company's stock had a trading volume of 4,866,258 shares, compared to its average volume of 8,009,131. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.57. The stock has a market cap of $143.64 billion, a PE ratio of 48.41, a price-to-earnings-growth ratio of 3.32 and a beta of 1.40. The company's 50 day moving average is $98.86 and its 200 day moving average is $94.80.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.50 earnings per share. 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 of Directors has authorized a stock repurchase plan 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 plans are often a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

ANET has been the subject of a number of research reports. Wolfe Research began coverage on shares of Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Erste Group Bank raised shares of Arista Networks from a "hold" rating to a "buy" rating in a report on Wednesday. Morgan Stanley upped their price target on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Redburn Atlantic assumed coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target on the stock. Finally, BNP Paribas Exane downgraded 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 note on Wednesday, June 11th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $111.40.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total value 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 approximately $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's 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 completion of the sale, the director owned 65,784 shares of the company's stock, valued at $6,536,298.24. This trade represents a 10.84% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,177,878 shares of company stock worth $119,281,861. 3.39% of the stock is currently owned by insiders.

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.