Twin Capital Management Inc. Reduces Holdings in Arista Networks, Inc. (NYSE:ANET)

Twin Capital Management Inc. trimmed its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 44.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,434 shares of the technology company's stock after selling 33,183 shares during the period. Twin Capital Management Inc.'s holdings in Arista Networks were worth $3,210,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. HighMark Wealth Management LLC grew its holdings in shares of Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after buying an additional 230 shares in the last quarter. Quarry LP raised its holdings in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC increased its stake in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after purchasing an additional 212 shares during the last quarter. Cloud Capital Management LLC bought a new position in shares of Arista Networks during the first quarter worth about $30,000. Finally, McIlrath & Eck LLC bought a new position in Arista Networks in the 4th quarter valued at about $35,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. increased their price objective on Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Wolfe Research started coverage on Arista Networks in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Erste Group Bank upgraded Arista Networks from a "hold" rating to a "buy" rating in a research note on Wednesday. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Finally, KGI Securities cut Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $111.40.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 748,444 shares of the company's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the sale, the chief executive officer owned 30,000 shares of the company's stock, valued at approximately $3,072,900. This represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the sale, the director directly owned 65,784 shares in the company, valued at $6,536,298.24. This represents a 10.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,177,878 shares of company stock worth $119,281,861. Insiders own 3.54% of the company's stock.

Arista Networks Price Performance

Shares of ANET traded up $2.90 during trading hours on Wednesday, hitting $112.68. The stock had a trading volume of 3,723,524 shares, compared to its average volume of 9,137,122. The stock has a fifty day moving average price of $97.19 and a 200 day moving average price of $94.78. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The firm has a market capitalization of $141.52 billion, a PE ratio of 47.74, a PEG ratio of 3.25 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share 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 firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the company posted $0.50 earnings per share. The business's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, 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 stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

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.