Terra Nova Asset Management LLC Reduces Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Terra Nova Asset Management LLC reduced its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 49.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,280 shares of the technology company's stock after selling 3,200 shares during the period. Terra Nova Asset Management LLC's holdings in Arista Networks were worth $254,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ANET. Vanguard Group Inc. boosted its position in shares of Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after buying an additional 72,311,318 shares during the last quarter. FMR LLC boosted its position in shares of Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after buying an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC boosted its position in shares of Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after buying an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after buying an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after buying an additional 14,454,822 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on ANET. KeyCorp began coverage on Arista Networks in a research report on Thursday. They set an "overweight" rating and a $115.00 price objective on the stock. Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. KGI Securities cut Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. BNP Paribas cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $109.33.

Arista Networks Trading Down 2.2%

ANET traded down $2.22 on Friday, hitting $99.37. 10,389,025 shares of the company's stock traded hands, compared to its average volume of 9,083,115. The company's 50 day simple moving average is $89.42 and its 200-day simple moving average is $95.70. The firm has a market cap of $124.81 billion, a price-to-earnings ratio of 42.06, a P/E/G ratio of 2.98 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.

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, beating the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for 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 quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the company earned $0.50 EPS. As a group, equities 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 approved a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In other Arista Networks 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 completion of the transaction, the director now 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 filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total value of $2,766,900.00. Following the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,196,776.48. This represents a 69.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock worth $14,525,085 in the last quarter. 3.39% of the stock is owned by corporate insiders.

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.