Rathbones Group PLC Has $560,000 Position in Arista Networks, Inc. (NYSE:ANET)

Rathbones Group PLC reduced its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 83.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,226 shares of the technology company's stock after selling 36,864 shares during the period. Rathbones Group PLC's holdings in Arista Networks were worth $560,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ANET. Westpac Banking Corp boosted its position in Arista Networks by 636.2% during the first quarter. Westpac Banking Corp now owns 80,159 shares of the technology company's stock valued at $6,211,000 after purchasing an additional 69,271 shares during the last quarter. Telligent Fund LP boosted its position in Arista Networks by 3.8% during the first quarter. Telligent Fund LP now owns 33,200 shares of the technology company's stock valued at $2,572,000 after purchasing an additional 1,200 shares during the last quarter. Trust Asset Management LLC boosted its position in Arista Networks by 4.3% during the first quarter. Trust Asset Management LLC now owns 11,853 shares of the technology company's stock valued at $918,000 after purchasing an additional 489 shares during the last quarter. Public Sector Pension Investment Board boosted its position in Arista Networks by 7.2% during the first quarter. Public Sector Pension Investment Board now owns 155,818 shares of the technology company's stock valued at $12,073,000 after purchasing an additional 10,467 shares during the last quarter. Finally, AIA Group Ltd boosted its position in Arista Networks by 535.3% during the first quarter. AIA Group Ltd now owns 240,242 shares of the technology company's stock valued at $18,614,000 after purchasing an additional 202,428 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 1,785,165 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the transaction, the chief executive officer owned 5,698,074 shares in the company, valued at approximately $776,191,640.28. This trade represents a 23.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 5,767,742 shares of company stock worth $714,048,068 in the last 90 days. 3.39% of the stock is currently owned by company insiders.

Arista Networks Trading Down 1.1%

Shares of NYSE ANET opened at $136.49 on Friday. The firm has a market cap of $171.55 billion, a P/E ratio of 53.68, a price-to-earnings-growth ratio of 3.24 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $141.99. The business's 50 day moving average is $109.18 and its 200-day moving average is $95.98.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.11 billion. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%. The firm's quarterly revenue was up 30.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.53 earnings per share. Analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has approved a share buyback 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 reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Piper Sandler increased their price target on Arista Networks from $89.00 to $143.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Citigroup increased their price target on Arista Networks from $123.00 to $136.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group increased their price target on Arista Networks from $115.00 to $155.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Wedbush initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating for the company. Finally, BNP Paribas Exane lowered Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research note on Wednesday, June 11th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and an average price target of $138.07.

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.

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