Spire Wealth Management Sells 9,400 Shares of Arista Networks, Inc. (NYSE:ANET)

Spire Wealth Management trimmed its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 6.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 126,282 shares of the technology company's stock after selling 9,400 shares during the quarter. Spire Wealth Management's holdings in Arista Networks were worth $9,784,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. DSG Capital Advisors LLC bought a new stake in Arista Networks in the fourth quarter valued at approximately $5,984,000. Ibex Wealth Advisors lifted its stake in Arista Networks by 14.4% in the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after buying an additional 7,329 shares in the last quarter. Unified Investment Management acquired a new stake in shares of Arista Networks during the fourth quarter worth $630,000. Berkshire Capital Holdings Inc. lifted its stake in Arista Networks by 257.6% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after purchasing an additional 55,430 shares during the last quarter. Finally, Bradyco Inc. acquired a new position in shares of Arista Networks during the 4th quarter worth approximately $836,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now directly owns 7,480 shares in the company, valued at $512,305.20. This trade represents a 16.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock worth $14,525,085 over the last 90 days. Corporate insiders own 3.39% of the company's stock.

Arista Networks Trading Up 5.6%

Shares of NYSE:ANET traded up $5.40 during mid-day trading on Thursday, reaching $101.71. The company had a trading volume of 15,250,168 shares, compared to its average volume of 9,081,478. The firm has a market cap of $127.74 billion, a price-to-earnings ratio of 42.66, a PEG ratio of 2.82 and a beta of 1.37. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company's 50-day moving average price is $88.81 and its 200-day moving average price is $95.73.

Arista Networks (NYSE:ANET - Get Free Report) last issued 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 business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The firm's revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.50 EPS. On average, research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a share buyback plan 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 shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Redburn Atlantic began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price for the company. Wedbush began coverage on Arista Networks in a research report on Wednesday, May 28th. They issued an "outperform" rating on the stock. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and increased their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Barclays reduced their price target on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Finally, BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $109.33.

Arista Networks Company 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.