Vestor Capital LLC Sells 110,464 Shares of Arista Networks, Inc. (NYSE:ANET)

Vestor Capital LLC lessened its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 94.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,611 shares of the technology company's stock after selling 110,464 shares during the quarter. Vestor Capital LLC's holdings in Arista Networks were worth $512,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ANET. SYM FINANCIAL Corp grew its position in shares of Arista Networks by 103.3% during the 1st quarter. SYM FINANCIAL Corp now owns 5,950 shares of the technology company's stock valued at $461,000 after purchasing an additional 3,023 shares in the last quarter. BlueChip Wealth Advisors LLC grew its position in shares of Arista Networks by 39.0% during the 1st quarter. BlueChip Wealth Advisors LLC now owns 3,186 shares of the technology company's stock valued at $247,000 after purchasing an additional 894 shares in the last quarter. KLP Kapitalforvaltning AS grew its position in shares of Arista Networks by 2.3% during the 1st quarter. KLP Kapitalforvaltning AS now owns 503,400 shares of the technology company's stock valued at $39,003,000 after purchasing an additional 11,400 shares in the last quarter. Pier 88 Investment Partners LLC grew its position in shares of Arista Networks by 1.5% during the 1st quarter. Pier 88 Investment Partners LLC now owns 7,960 shares of the technology company's stock valued at $617,000 after purchasing an additional 120 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of Arista Networks by 17.5% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 1,001,480 shares of the technology company's stock valued at $77,595,000 after purchasing an additional 148,886 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Down 1.4%

NYSE:ANET opened at $110.03 on Wednesday. The company's 50 day moving average price is $97.19 and its 200-day moving average price is $94.78. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a market cap of $138.19 billion, a price-to-earnings ratio of 46.57, a PEG ratio of 3.25 and a beta of 1.40.

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. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter last year, the company posted $0.50 earnings per share. The firm's quarterly revenue was up 27.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has authorized a share repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently issued reports on ANET shares. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Morgan Stanley boosted their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Wedbush began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating for the company. Redburn Atlantic initiated coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $111.40.

Insider Activity

In related news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the transaction, the chief executive officer owned 30,000 shares in the company, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 26,000 shares of Arista Networks stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $111.19, for a total transaction of $2,890,940.00. Following the transaction, the senior vice president owned 582,400 shares in the company, valued at approximately $64,757,056. This trade represents a 4.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,177,878 shares of company stock valued at $119,281,861 in the last 90 days. Company insiders own 3.54% of the company's stock.

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.

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