Wesbanco Bank Inc. Cuts Position in Arista Networks, Inc. (NYSE:ANET)

Wesbanco Bank Inc. decreased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 40.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,408 shares of the technology company's stock after selling 3,000 shares during the quarter. Wesbanco Bank Inc.'s holdings in Arista Networks were worth $342,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Advisors Ltd. LLC grew its holdings in shares of Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares in the last quarter. Fragasso Financial Advisors Inc lifted its position in shares of Arista Networks by 4.4% in the first quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company's stock valued at $360,000 after buying an additional 196 shares during the last quarter. Quarry LP boosted its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC grew its stake in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares during the last quarter. Finally, Tradewinds Capital Management LLC grew its position in shares of Arista Networks by 300.0% in the fourth 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. Institutional investors and hedge funds own 82.47% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ANET shares. JPMorgan Chase & Co. lowered their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Rosenblatt Securities upped their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Evercore ISI dropped their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Wedbush began coverage on Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating on the stock. Finally, KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $107.38.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $88.58, for a total value of $708,640.00. Following the transaction, the director now directly owns 131,784 shares in the company, valued at $11,673,426.72. The trade was a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction 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 owns 7,480 shares in the company, valued at approximately $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. In the last three months, insiders have sold 105,690 shares of company stock worth $9,360,205. Corporate insiders own 3.39% of the company's stock.

Arista Networks Stock Performance

Shares of Arista Networks stock traded down $3.49 during trading hours on Friday, reaching $92.28. The company's stock had a trading volume of 6,205,708 shares, compared to its average volume of 9,043,529. The company has a market capitalization of $115.89 billion, a P/E ratio of 41.57, a P/E/G ratio of 3.10 and a beta of 1.37. The stock's fifty day simple moving average is $85.82 and its two-hundred day simple moving average is $96.39. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has approved a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are 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.