Fulton Bank N.A. Sells 2,362 Shares of Arista Networks, Inc. (NYSE:ANET)

Fulton Bank N.A. cut its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 11.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 19,207 shares of the technology company’s stock after selling 2,362 shares during the period. Fulton Bank N.A.’s holdings in Arista Networks were worth $1,488,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ANET. Caitlin John LLC raised its position in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC increased its stake in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after purchasing an additional 191 shares during the last quarter. Quarry LP raised its holdings in shares of Arista Networks by 381.5% in 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 period. Dunhill Financial LLC lifted 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 purchasing an additional 212 shares during the last quarter. Finally, Hemington Wealth Management grew its holdings in Arista Networks by 409.7% during the fourth quarter. Hemington Wealth Management now owns 316 shares of the technology company’s stock worth $34,000 after purchasing an additional 254 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Trading Up 5.3%

Shares of ANET opened at $94.54 on Wednesday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The firm’s 50 day moving average is $82.36 and its 200-day moving average is $96.55. The stock has a market capitalization of $118.73 billion, a PE ratio of 42.59, a P/E/G ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET) 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. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.50 earnings per share. Equities 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 initiated a stock buyback plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now owns 139,784 shares in the company, valued at $10,840,249.20. This represents a 5.41% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,690 shares of company stock valued at $15,442,765. 3.39% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ANET shares. Piper Sandler restated a “neutral” rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target on Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. KGI Securities downgraded Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and upped their price objective for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.47.

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.