Wealth Enhancement Advisory Services LLC Cuts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Wealth Enhancement Advisory Services LLC reduced its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 47.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 271,727 shares of the technology company's stock after selling 249,105 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Arista Networks were worth $21,053,000 at the end of the most recent quarter.

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

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 30,000 shares of the 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 completion of the sale, the senior vice president now directly owns 12,976 shares of the company's stock, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now directly owns 7,480 shares of the company's stock, valued at $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock worth $14,525,085 in the last three months. 3.39% of the stock is owned by company insiders.

Arista Networks Stock Performance

NYSE ANET opened at $86.18 on Friday. The business has a fifty day moving average price of $87.52 and a 200 day moving average price of $95.92. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company has a market cap of $108.23 billion, a P/E ratio of 36.48, a P/E/G ratio of 2.53 and a beta of 1.37.

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 business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the company earned $0.50 EPS. The company's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has approved a share repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

ANET has been the subject of several research reports. Citigroup increased their target price on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and increased their target price for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Barclays decreased their target price on 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, BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $108.20.

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.

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