Redhawk Wealth Advisors Inc. Sells 2,674 Shares of Arista Networks, Inc. (NYSE:ANET)

Redhawk Wealth Advisors Inc. lowered its stake in Arista Networks, Inc. (NYSE:ANET) by 12.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,060 shares of the technology company’s stock after selling 2,674 shares during the period. Redhawk Wealth Advisors Inc.’s holdings in Arista Networks were worth $1,399,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. DSG Capital Advisors LLC purchased a new position in Arista Networks in the fourth quarter worth about $5,984,000. GHE LLC lifted its stake in Arista Networks by 319.0% in the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock worth $3,136,000 after purchasing an additional 21,597 shares during the last quarter. Ibex Wealth Advisors lifted its stake in Arista Networks by 14.4% in the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company’s stock worth $4,501,000 after purchasing an additional 7,329 shares during the last quarter. Colonial River Investments LLC lifted its stake in Arista Networks by 327.6% in the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock worth $1,077,000 after purchasing an additional 7,466 shares during the last quarter. Finally, Unified Investment Management bought a new stake in Arista Networks in the fourth quarter worth about $630,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Down 3.2%

Shares of NYSE:ANET opened at $93.74 on Wednesday. The company has a market capitalization of $117.72 billion, a price-to-earnings ratio of 42.22, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm has a 50 day moving average of $84.21 and a 200 day moving average of $96.50.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.50 earnings per share. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has initiated a stock buyback 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks 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 transaction, the director now directly owns 7,480 shares of the company’s stock, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,690 shares of company stock valued at $9,360,205 over the last 90 days. Corporate insiders own 3.39% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wedbush assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an “outperform” rating for the company. Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Rosenblatt Securities raised their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. The Goldman Sachs Group decreased their price objective on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Finally, Citigroup lifted their price target on shares of Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average target price 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.