Nvwm LLC cut its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 5.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,996 shares of the technology company's stock after selling 2,624 shares during the quarter. Arista Networks accounts for 0.9% of Nvwm LLC's portfolio, making the stock its 27th biggest holding. Nvwm LLC's holdings in Arista Networks were worth $3,254,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. FMR LLC boosted its position in Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC lifted its position in shares of Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after acquiring an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Arista Networks in the fourth quarter valued at $1,397,833,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on ANET. Erste Group Bank upgraded Arista Networks from a "hold" rating to a "buy" rating in a research report on Wednesday. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research report on Wednesday, June 11th. Evercore ISI upped their target price on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. The Goldman Sachs Group dropped their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $111.40.
View Our Latest Analysis on ANET
Insider Activity at Arista Networks
In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the 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 transaction, the chief executive officer owned 30,000 shares of the company's stock, valued at $3,072,900. This trade represents a 96.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president directly owned 12,976 shares in the company, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,177,878 shares of company stock valued at $119,281,861. Insiders own 3.39% of the company's stock.
Arista Networks Stock Performance
Shares of ANET stock traded up $0.33 during trading hours on Friday, reaching $114.37. The company had a trading volume of 4,866,258 shares, compared to its average volume of 8,009,131. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.57. The company has a market capitalization of $143.64 billion, a P/E ratio of 48.41, a price-to-earnings-growth ratio of 3.31 and a beta of 1.40. The stock's fifty day simple moving average is $98.86 and its 200 day simple moving average is $94.94.
Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly 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. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.50 earnings per share. As a group, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.
Arista Networks announced that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.
About Arista Networks
(
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.
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