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

Penserra Capital Management LLC reduced its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 16.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,082 shares of the technology company's stock after selling 7,573 shares during the quarter. Penserra Capital Management LLC's holdings in Arista Networks were worth $2,949,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ANET. Tradewinds Capital Management LLC raised its position in shares of 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 position in shares of 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 lifted 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 valued at $1,122,000 after buying an additional 164 shares in the last quarter. ORG Partners LLC lifted its stake in Arista Networks by 43.8% during the first quarter. ORG Partners LLC now owns 575 shares of the technology company's stock valued at $45,000 after buying an additional 175 shares in the last quarter. Finally, RMR Wealth Builders lifted its stake in Arista Networks by 0.6% during the first quarter. RMR Wealth Builders now owns 30,642 shares of the technology company's stock valued at $2,374,000 after buying an additional 180 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of ANET stock traded up $2.42 on Friday, hitting $108.71. The company's stock had a trading volume of 12,952,328 shares, compared to its average volume of 9,160,374. The stock has a market capitalization of $136.53 billion, a price-to-earnings ratio of 46.02, a P/E/G ratio of 3.10 and a beta of 1.40. The firm's fifty day moving average price is $95.05 and its 200-day moving average price is $95.11. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The firm had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the prior year, the business earned $0.50 earnings per share. The company's revenue was up 27.6% on a year-over-year basis. Analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ANET shares. JPMorgan Chase & Co. cut their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Wolfe Research started coverage on shares of Arista Networks in a research note on Tuesday. They set an "outperform" rating on the stock. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Citigroup lifted their price target on Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a report on Friday. Finally, Redburn Atlantic began coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and a consensus price target of $110.07.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 748,444 shares of the company's 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 completion of the transaction, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the transaction, the senior vice president owned 12,976 shares of the company's stock, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,123,370 shares of company stock valued at $113,157,408 in the last quarter. Insiders own 3.39% of the company's stock.

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.