1900 Wealth Management LLC Sells 6,568 Shares of Arista Networks, Inc. (NYSE:ANET)

1900 Wealth Management LLC reduced its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 86.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,050 shares of the technology company's stock after selling 6,568 shares during the quarter. 1900 Wealth Management LLC's holdings in Arista Networks were worth $304,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in ANET. Financial Synergies Wealth Advisors Inc. increased its holdings in shares of Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company's stock worth $31,000 after purchasing an additional 96 shares during the period. Alaska Permanent Fund Corp acquired a new position in Arista Networks in the 1st quarter valued at approximately $37,000. Riverview Trust Co bought a new stake in shares of Arista Networks in the 1st quarter worth approximately $40,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Arista Networks during the 1st quarter worth approximately $42,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Arista Networks in the fourth quarter valued at $35,000. 82.47% of the stock is currently owned by institutional investors.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 14,416 shares of the company's stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the transaction, the senior vice president now directly owns 252,382 shares in the company, valued at approximately $82,284,103.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Arista Networks news, insider John F. Mccool sold 5,374 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $267.51, for a total value of $1,437,598.74. Following the transaction, the insider now owns 1,792 shares of the company's stock, valued at $479,377.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kenneth Duda sold 14,416 shares of the business's stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $326.03, for a total value of $4,700,048.48. Following the transaction, the senior vice president now owns 252,382 shares of the company's stock, valued at $82,284,103.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 400,210 shares of company stock valued at $116,875,362. Company insiders own 3.54% of the company's stock.

Arista Networks Stock Down 0.2 %

ANET stock traded down $0.50 during trading on Wednesday, hitting $316.50. The company had a trading volume of 1,657,464 shares, compared to its average volume of 2,513,242. The firm has a 50-day moving average price of $286.42 and a 200-day moving average price of $260.16. Arista Networks, Inc. has a 12 month low of $139.18 and a 12 month high of $329.04. The stock has a market cap of $99.18 billion, a price-to-earnings ratio of 44.08, a PEG ratio of 2.89 and a beta of 1.13.

Arista Networks declared that its board has authorized a stock buyback program on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wells Fargo & Company boosted their price target on shares of Arista Networks from $310.00 to $340.00 and gave the company an "overweight" rating in a report on Wednesday, May 8th. Piper Sandler raised their price target on shares of Arista Networks from $268.00 to $302.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 8th. Rosenblatt Securities reiterated a "sell" rating and issued a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. KeyCorp raised their target price on Arista Networks from $306.00 to $349.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 8th. Finally, The Goldman Sachs Group boosted their price target on Arista Networks from $313.00 to $356.00 and gave the company a "buy" rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $295.22.

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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