Accurate Wealth Management LLC Cuts Stake in Arista Networks, Inc. (NYSE:ANET)

Accurate Wealth Management LLC reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 5.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,670 shares of the technology company’s stock after selling 616 shares during the period. Accurate Wealth Management LLC’s holdings in Arista Networks were worth $848,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ANET. Vanguard Group Inc. grew its position in Arista Networks by 304.2% during the 4th 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 during the last quarter. FMR LLC boosted its stake in shares of Arista Networks by 330.9% during the fourth 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 period. Cresset Asset Management LLC grew its holdings in shares of Arista Networks by 277.5% in the fourth 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 during the last quarter. Geode Capital Management LLC increased 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 buying an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock valued at $2,328,869,000 after buying an additional 14,454,822 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ANET shares. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Rosenblatt Securities raised their target price on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. Needham & Company LLC began coverage on Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating for the company. Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Finally, Barclays reduced their target price on Arista Networks from $126.00 to $119.00 and set an “overweight” rating on the stock in a research note on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.47.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’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 transaction, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 in the last ninety days. 3.39% of the stock is currently owned by corporate insiders.

Arista Networks Trading Down 3.2%

Shares of Arista Networks stock opened at $93.74 on Wednesday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The firm has a market capitalization of $117.72 billion, a P/E ratio of 42.22, a P/E/G ratio of 3.10 and a beta of 1.37. The business has a fifty day simple moving average of $84.21 and a two-hundred day simple moving average of $96.50.

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, beating analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion during 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%. Arista Networks’s revenue was up 27.6% on a year-over-year basis. During the same period last year, the company posted $0.50 EPS. Analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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.