Terra Nova Asset Management LLC Cuts Stake in Arista Networks, Inc. (NYSE:ANET)

Terra Nova Asset Management LLC reduced its stake in Arista Networks, Inc. (NYSE:ANET) by 49.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 3,280 shares of the technology company’s stock after selling 3,200 shares during the period. Terra Nova Asset Management LLC’s holdings in Arista Networks were worth $254,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after purchasing an additional 5,955 shares during the period. Revolve Wealth Partners LLC bought a new position in Arista Networks during the fourth quarter worth about $202,000. Bank Pictet & Cie Europe AG boosted its position in Arista Networks by 433.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock worth $1,200,000 after purchasing an additional 8,822 shares during the period. MONECO Advisors LLC bought a new position in Arista Networks during the fourth quarter worth about $206,000. Finally, IFP Advisors Inc boosted its position in Arista Networks by 319.7% during the fourth quarter. IFP Advisors Inc now owns 6,069 shares of the technology company’s stock worth $671,000 after purchasing an additional 4,623 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Shares of ANET opened at $96.29 on Thursday. The firm’s 50 day simple moving average is $88.81 and its 200 day simple moving average is $95.73. The company has a market capitalization of $120.93 billion, a P/E ratio of 40.76, a P/E/G 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 results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period last year, the business earned $0.50 earnings per share. The business’s quarterly revenue was up 27.6% on a year-over-year basis. On average, equities analysts anticipate 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 typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the transaction, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 30,000 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,766,900.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,196,776.48. The trade was a 69.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock worth $14,525,085 over the last ninety days. Insiders own 3.39% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of a number of recent analyst reports. Rosenblatt Securities increased their price target 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. KGI Securities downgraded shares of Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. Wedbush initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an “outperform” rating on the stock. BNP Paribas downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 11th. Finally, KeyCorp raised shares of Arista Networks to a “strong-buy” rating in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.87.

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.