Penserra Capital Management LLC Has $2.95 Million Position in Arista Networks, Inc. (NYSE:ANET)

Penserra Capital Management LLC decreased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 16.6% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 38,082 shares of the technology company's stock after selling 7,573 shares during the period. Penserra Capital Management LLC's holdings in Arista Networks were worth $2,949,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the stock. Tradewinds Capital Management LLC raised its stake in Arista Networks by 45.8% during the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after purchasing an additional 143 shares during the period. Weaver Capital Management LLC raised its stake in Arista Networks by 0.8% during the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock worth $1,662,000 after purchasing an additional 162 shares during the period. First American Bank raised its stake in Arista Networks by 1.1% during the first quarter. First American Bank now owns 14,478 shares of the technology company's stock worth $1,122,000 after purchasing an additional 164 shares during the period. ORG Partners LLC increased its position in shares of Arista Networks by 43.8% in the first quarter. ORG Partners LLC now owns 575 shares of the technology company's stock worth $45,000 after acquiring an additional 175 shares in the last quarter. Finally, RMR Wealth Builders grew its holdings in Arista Networks by 0.6% during the 1st quarter. RMR Wealth Builders now owns 30,642 shares of the technology company's stock valued at $2,374,000 after purchasing an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Stock Performance

Shares of Arista Networks stock traded down $0.20 during midday trading on Thursday, reaching $106.08. 5,869,131 shares of the company's stock traded hands, compared to its average volume of 9,127,247. The company has a market cap of $133.23 billion, a price-to-earnings ratio of 44.86, a price-to-earnings-growth ratio of 3.01 and a beta of 1.40. The company's 50 day simple moving average is $94.33 and its 200 day simple moving average is $95.20. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced 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. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business's quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 EPS. As a group, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has authorized a stock 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 board believes its shares are undervalued.

Insider Buying and Selling

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 shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the sale, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. This trade represents a 96.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president owned 12,976 shares in the company, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,123,370 shares of company stock worth $113,157,408 in the last quarter. 3.39% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on ANET shares. Barclays decreased their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Finally, Wedbush assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set an "outperform" rating for the company. 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 presently has a consensus rating of "Moderate Buy" and an average price target of $109.33.

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.