Arista Networks, Inc. (NYSE:ANET) Shares Sold by Walkner Condon Financial Advisors LLC

Walkner Condon Financial Advisors LLC lessened its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 24.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,313 shares of the technology company's stock after selling 5,883 shares during the period. Walkner Condon Financial Advisors LLC's holdings in Arista Networks were worth $1,419,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares in the last quarter. FMR LLC grew 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 worth $6,371,848,000 after purchasing an additional 44,269,572 shares during the period. Cresset Asset Management LLC grew its position in Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares during the period. Geode Capital Management LLC raised its stake in Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after buying an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after buying an additional 14,454,822 shares during the last quarter. Institutional investors own 82.47% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Piper Sandler restated a "neutral" rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Evercore ISI boosted their price objective on shares of Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday. BNP Paribas Exane lowered Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target for the company. in a report on Wednesday, June 11th. Finally, Wedbush initiated coverage on Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating for the company. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and an average target price of $109.33.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,766,900.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,196,776.48. This represents a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,690 shares of company stock worth $14,525,085. 3.39% of the stock is owned by corporate insiders.

Arista Networks Price Performance

Shares of Arista Networks stock traded up $5.40 during trading on Thursday, hitting $101.71. The stock had a trading volume of 15,250,168 shares, compared to its average volume of 9,081,479. The firm's fifty day simple moving average is $89.42 and its 200-day simple moving average is $95.70. The stock has a market cap of $127.74 billion, a PE ratio of 43.05, a PEG ratio of 2.82 and a beta of 1.37. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly 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 firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the company earned $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. Analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are 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.