Tobam Reduces Holdings in Arista Networks, Inc. (NYSE:ANET)

Tobam trimmed its stake in Arista Networks, Inc. (NYSE:ANET) by 41.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 16,292 shares of the technology company’s stock after selling 11,594 shares during the period. Tobam’s holdings in Arista Networks were worth $1,262,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Capital Advisors Ltd. LLC grew its position in 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 grew its position in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 206 shares during the last quarter. Dunhill Financial LLC grew its position in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Tradewinds Capital Management LLC grew its position in Arista Networks by 300.0% during the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company’s stock worth $34,000 after purchasing an additional 234 shares during the last quarter. Finally, Hemington Wealth Management grew its position in Arista Networks by 409.7% during the 4th 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 last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Up 1.5%

Shares of NYSE ANET opened at $95.66 on Friday. 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 price of $85.36 and a 200 day moving average price of $96.45. The stock has a market capitalization of $120.14 billion, a price-to-earnings ratio of 43.09, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. Equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Citigroup raised their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. BNP Paribas Exane downgraded shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price objective on the stock. in a research report on Wednesday. JPMorgan Chase & Co. lowered their price objective on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Finally, Redburn Atlantic began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a “buy” rating and a $112.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $107.38.

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks 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 transaction, the director now owns 139,784 shares of the company’s stock, 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 sold 105,690 shares of company stock worth $9,360,205 over the last 90 days. Company insiders own 3.39% of the company’s stock.

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.