Summit Global Investments Reduces Stock Position in Arista Networks, Inc. (NYSE:ANET)

Summit Global Investments decreased its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 35.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,037 shares of the technology company's stock after selling 12,861 shares during the period. Summit Global Investments' holdings in Arista Networks were worth $1,785,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Caitlin John LLC grew its stake in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after buying an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC grew its position in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares in the last quarter. New Millennium Group LLC grew its position in shares of Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares in the last quarter. Quarry LP grew its holdings in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares in the last quarter. Finally, Dunhill Financial LLC grew its holdings in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on ANET shares. Citigroup lifted their target price on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Morgan Stanley boosted their price target on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Rosenblatt Securities boosted their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Finally, Wedbush started coverage on shares of Arista Networks in a research report on Wednesday. They set an "outperform" rating for the company. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $107.47.

Arista Networks Trading Up 0.1%

Shares of ANET traded up $0.12 during midday trading on Friday, reaching $86.49. The stock had a trading volume of 16,490,789 shares, compared to its average volume of 9,029,731. The company's 50-day moving average is $81.89 and its 200 day moving average is $96.60. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The company has a market capitalization of $108.62 billion, a price-to-earnings ratio of 38.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (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 analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.50 earnings per share. Research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a stock buyback plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total transaction of $712,240.00. Following the completion of the sale, the director now owns 147,784 shares of the company's stock, valued at approximately $13,157,209.52. This represents a 5.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 51,848 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders sold a total of 237,538 shares of company stock worth $20,748,219 over the last three months. Company insiders own 3.54% 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.