Trust Point Inc. Sells 2,714 Shares of Arista Networks, Inc. (NYSE:ANET)

Trust Point Inc. lowered its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 30.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,062 shares of the technology company's stock after selling 2,714 shares during the period. Trust Point Inc.'s holdings in Arista Networks were worth $470,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital Advisors Ltd. LLC increased its holdings in shares of Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after acquiring an additional 191 shares during the period. Quarry LP boosted its holdings in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC boosted its holdings in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the period. Tradewinds Capital Management LLC raised its position in Arista Networks by 300.0% during the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock valued at $34,000 after acquiring an additional 234 shares in the last quarter. Finally, McIlrath & Eck LLC bought a new position in Arista Networks during the fourth quarter valued at approximately $35,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $0.44 on Thursday, reaching $90.12. 9,161,198 shares of the company's stock were exchanged, compared to its average volume of 9,023,160. The company has a market capitalization of $113.18 billion, a P/E ratio of 38.15, a price-to-earnings-growth ratio of 2.65 and a beta of 1.37. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm's 50-day moving average is $87.24 and its two-hundred day moving average is $96.11.

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 analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the business earned $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. On average, analysts expect 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 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 plans are typically a sign that the company's board believes its stock is undervalued.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the transaction, the director now owns 139,784 shares of the company's stock, valued at $10,840,249.20. The trade was a 5.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock valued at $9,360,205 in the last ninety days. 3.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Evercore ISI dropped their target price on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price for the company. JPMorgan Chase & Co. decreased their price objective on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Morgan Stanley raised their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, Wedbush began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating on the stock. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $107.38.

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.