Walkner Condon Financial Advisors LLC Sells 5,883 Shares of Arista Networks, Inc. (NYSE:ANET)

Walkner Condon Financial Advisors LLC lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 24.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,313 shares of the technology company’s stock after selling 5,883 shares during the period. Walkner Condon Financial Advisors LLC’s holdings in Arista Networks were worth $1,419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares in the last quarter. FMR LLC increased its holdings in Arista Networks by 330.9% in 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 increased its stake 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 valued at $3,016,207,000 after buying an additional 20,059,303 shares during the period. Geode Capital Management LLC increased its position in Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after purchasing 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 worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $88.58, for a total transaction of $708,640.00. Following the sale, the director now owns 131,784 shares of the company’s stock, valued at $11,673,426.72. The trade was a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares of the company’s stock, valued at $512,305.20. This represents a 16.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 161,690 shares of company stock valued at $14,525,085. 3.54% of the stock is owned by insiders.

Arista Networks Stock Down 4.5%

Shares of Arista Networks stock opened at $86.18 on Monday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The business has a 50 day moving average price of $87.52 and a 200-day moving average price of $95.85. The company has a market cap of $108.23 billion, a PE ratio of 36.48, a price-to-earnings-growth ratio of 2.53 and a beta of 1.37.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for 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 30.48%. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Analysts Set New Price Targets

ANET has been the subject of several recent analyst reports. Erste Group Bank cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Citigroup lifted their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Rosenblatt Securities upped their target price on Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Redburn Atlantic initiated coverage on Arista Networks in a report on Wednesday, May 28th. They issued a “buy” rating and a $112.00 target price for the company. Finally, BNP Paribas lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $108.20.

Arista Networks 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.