Lifestyle Asset Management Inc. Sells 138 Shares of Arista Networks, Inc. (NYSE:ANET)

Lifestyle Asset Management Inc. lowered its position in shares of Arista Networks, Inc. (NYSE:ANET) by 3.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,706 shares of the technology company’s stock after selling 138 shares during the quarter. Lifestyle Asset Management Inc.’s holdings in Arista Networks were worth $287,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after acquiring an additional 72,311,318 shares in the last quarter. FMR LLC boosted its stake in Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC increased its holdings in shares of 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 in the last quarter. Geode Capital Management LLC raised its stake in shares of Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock worth $9,360,205 over the last quarter. Insiders own 3.39% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ANET shares. Evercore ISI dropped their price target on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Citigroup raised their target price on shares of Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Finally, Redburn Atlantic assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a “buy” rating and a $112.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $107.47.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $94.82 on Thursday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The company has a market capitalization of $119.09 billion, a P/E ratio of 42.71, a P/E/G ratio of 3.10 and a beta of 1.38. The company has a fifty day moving average of $82.70 and a 200 day moving average of $96.54.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 earnings per share. Analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is 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.