Spectrum Wealth Counsel LLC Sells 17,100 Shares of Arista Networks, Inc. (NYSE:ANET)

Key Points

• Spectrum Wealth Counsel LLC reduced its stake in Arista Networks, selling 17,100 shares and holding 31,359 shares, worth approximately $2.43 million at the end of the quarter.
• Arista Networks reported a 27.6% increase in quarterly revenue year-over-year, reaching $2 billion, with an EPS of $0.65 that surpassed analyst estimates of $0.59.
• The company has authorized a share buyback plan worth $1.50 billion, indicating that its leadership believes its stock is currently undervalued.

Spectrum Wealth Counsel LLC trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 35.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,359 shares of the technology company's stock after selling 17,100 shares during the period. Spectrum Wealth Counsel LLC's holdings in Arista Networks were worth $2,430,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ANET. Brighton Jones LLC increased its stake in Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after acquiring an additional 5,955 shares during the period. Revolve Wealth Partners LLC bought a new position in Arista Networks during the fourth quarter valued at about $202,000. Bank Pictet & Cie Europe AG increased its stake in Arista Networks by 433.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock valued at $1,200,000 after acquiring an additional 8,822 shares during the period. Financial Counselors Inc. bought a new position in Arista Networks during the fourth quarter valued at about $218,000. Finally, Financial Engines Advisors L.L.C. increased its stake in Arista Networks by 286.1% during the fourth quarter. Financial Engines Advisors L.L.C. now owns 2,583 shares of the technology company's stock valued at $286,000 after acquiring an additional 1,914 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

Shares of ANET opened at $114.37 on Friday. The firm has a market capitalization of $143.64 billion, a price-to-earnings ratio of 48.41, a PEG ratio of 3.32 and a beta of 1.40. The business's fifty day moving average price is $98.86 and its two-hundred day moving average price is $94.80. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.57.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period last year, the company earned $0.50 EPS. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has authorized a share buyback plan 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 plans are often an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Redburn Atlantic assumed coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. 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 report on Wednesday, May 7th. Wolfe Research assumed coverage on Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Finally, BNP Paribas Exane cut Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price for the company. in a report on Wednesday, June 11th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $111.40.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction 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 trade represents a 86.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the 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 transaction, the director owned 65,784 shares in the company, valued at $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,177,878 shares of company stock worth $119,281,861. 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.

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