Tobam Reduces Stock Position in Arista Networks, Inc. (NYSE:ANET)

Tobam decreased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 41.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,292 shares of the technology company's stock after selling 11,594 shares during the quarter. Tobam's holdings in Arista Networks were worth $1,262,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Arista Networks by 304.2% in 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 period. FMR LLC increased its position in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after acquiring an additional 44,269,572 shares during the period. Cresset Asset Management LLC raised its stake 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 acquiring an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its holdings 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 worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings 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 worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the period. Institutional investors own 82.47% of the company's stock.

Insider Buying and Selling

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 transaction of $7,205,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $1,168,748.32. This represents a 86.04% 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. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the sale, the director now directly owns 139,784 shares of the company's stock, valued at $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ANET shares. Needham & Company LLC assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating for the company. Morgan Stanley raised their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Evercore ISI lowered their price target on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Finally, UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and upped their price objective for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $107.38.

Arista Networks Stock Performance

Shares of Arista Networks stock traded down $3.49 on Friday, hitting $92.28. The company had a trading volume of 6,205,708 shares, compared to its average volume of 9,041,699. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The stock has a 50 day moving average of $85.36 and a 200-day moving average of $96.45. The stock has a market capitalization of $115.89 billion, a price-to-earnings ratio of 41.57, a P/E/G ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the firm earned $0.50 earnings per share. The firm's revenue was up 27.6% on a year-over-year basis. Equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

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.