OVERSEA CHINESE BANKING Corp Ltd Decreases Stake in Arista Networks, Inc. (NYSE:ANET)

OVERSEA CHINESE BANKING Corp Ltd lowered its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 4.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,664 shares of the technology company's stock after selling 3,122 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Arista Networks were worth $4,700,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. HighMark Wealth Management LLC raised its holdings in Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Quarry LP raised its holdings in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC raised its holdings in 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 purchasing an additional 212 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in Arista Networks during the first quarter worth approximately $30,000. Finally, McIlrath & Eck LLC acquired a new stake in Arista Networks during the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wedbush assumed coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating on the stock. Evercore ISI raised their price objective on shares of Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. KeyCorp initiated coverage on shares of Arista Networks in a report on Thursday, June 26th. They set an "overweight" rating and a $115.00 price objective on the stock. KGI Securities cut shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Finally, Barclays cut their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $111.40.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the sale, the director owned 65,784 shares in the company, valued at approximately $6,536,298.24. This trade represents a 10.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction 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 $3,072,900. This trade represents a 96.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,123,370 shares of company stock worth $113,157,408. Company insiders own 3.39% of the company's stock.

Arista Networks Price Performance

Shares of ANET stock traded up $0.07 during mid-day trading on Friday, hitting $112.05. The stock had a trading volume of 3,897,394 shares, compared to its average volume of 9,149,780. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm has a market cap of $140.72 billion, a PE ratio of 47.41, a PEG ratio of 3.16 and a beta of 1.40. The company's 50-day simple moving average is $96.68 and its 200-day simple moving average is $94.99.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS 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 company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter last year, the business earned $0.50 EPS. The business's revenue was up 27.6% on a year-over-year basis. On average, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

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.