Arista Networks, Inc. (NYSE:ANET) Shares Sold by Bfsg LLC

Bfsg LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 4.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,876 shares of the technology company’s stock after selling 457 shares during the period. Bfsg LLC’s holdings in Arista Networks were worth $765,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in ANET. DSG Capital Advisors LLC acquired a new position in Arista Networks during the fourth quarter worth $5,984,000. Ibex Wealth Advisors raised its position in shares of Arista Networks by 14.4% during the 1st 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. GHE LLC raised its position in shares of Arista Networks by 319.0% during the 4th 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. Colonial River Investments LLC lifted its stake in Arista Networks by 327.6% in the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock valued at $1,077,000 after buying an additional 7,466 shares in the last quarter. Finally, Unified Investment Management acquired a new stake in Arista Networks in the 4th quarter worth about $630,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

Arista Networks stock opened at $89.67 on Wednesday. The firm has a 50 day simple moving average of $86.61 and a 200-day simple moving average of $96.24. The stock has a market cap of $112.62 billion, a price-to-earnings ratio of 37.96, a price-to-earnings-growth ratio of 2.79 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The firm’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.50 earnings per share. Equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s 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 trade represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the sale, the director now owns 123,784 shares in the company, valued at $10,915,273.12. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,690 shares of company stock worth $9,360,205. 3.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ANET shares. Wedbush assumed coverage on Arista Networks in a report on Wednesday, May 28th. They set an “outperform” rating for the company. Redburn Atlantic started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a “buy” rating and a $112.00 price objective for the company. Citigroup raised their price objective on Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Rosenblatt Securities upped their target price on shares of Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Finally, UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $107.38.

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.