Arista Networks, Inc. (NYSE:ANET) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 9.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,437,502 shares of the technology company's stock after selling 151,180 shares during the period. Victory Capital Management Inc. owned approximately 0.11% of Arista Networks worth $111,378,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. DSG Capital Advisors LLC bought a new position in Arista Networks in the fourth quarter worth about $5,984,000. Ibex Wealth Advisors grew its holdings in shares of Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after buying an additional 7,329 shares during the last quarter. Berkshire Capital Holdings Inc. boosted its holdings in Arista Networks by 257.6% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after purchasing an additional 55,430 shares during the last quarter. Sowell Financial Services LLC purchased a new stake in Arista Networks in the first quarter worth approximately $629,000. Finally, Legal & General Group Plc boosted its holdings in Arista Networks by 227.7% in the fourth quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company's stock worth $863,749,000 after purchasing an additional 5,429,857 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Price Performance

ANET traded up $0.03 on Friday, reaching $112.01. 6,004,141 shares of the company's stock were exchanged, compared to its average volume of 9,157,479. The stock has a market cap of $140.68 billion, a PE ratio of 47.41, a P/E/G ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock's fifty day moving average price is $96.68 and its 200-day moving average price is $94.99.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 earnings per share. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, SVP Kenneth Duda sold 26,000 shares of the 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 $2,397,980.00. Following the completion of the sale, the senior vice president owned 592,400 shares of the company's stock, valued at $54,637,052. This represents a 4.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total transaction of $794,880.00. Following the completion of the sale, the director directly owned 65,784 shares of the company's stock, valued at approximately $6,536,298.24. This trade represents a 10.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,123,370 shares of company stock valued at $113,157,408 in the last 90 days. Company insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

ANET has been the topic of a number of analyst reports. Rosenblatt Securities lifted their target price on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday. KGI Securities cut shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Barclays lowered their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, Morgan Stanley upped their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of "Moderate Buy" and a consensus price target of $111.40.

Arista Networks 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.