Asset Dedication LLC Sells 208 Shares of Arista Networks, Inc. (NYSE:ANET)

Asset Dedication LLC trimmed its stake in Arista Networks, Inc. (NYSE:ANET) by 9.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,028 shares of the technology company’s stock after selling 208 shares during the period. Asset Dedication LLC’s holdings in Arista Networks were worth $157,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in shares of Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after acquiring an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Arista Networks during the fourth quarter worth about $202,000. Bank Pictet & Cie Europe AG lifted its holdings in shares of Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock worth $1,200,000 after acquiring an additional 8,822 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in shares of Arista Networks by 634.3% in the 4th quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company’s stock worth $515,000 after acquiring an additional 4,028 shares during the last quarter. Finally, Great Lakes Advisors LLC lifted its position in Arista Networks by 1,698.9% in the fourth quarter. Great Lakes Advisors LLC now owns 12,610 shares of the technology company’s stock valued at $1,394,000 after purchasing an additional 11,909 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. BNP Paribas downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 11th. 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 report on Wednesday, May 7th. KeyCorp started coverage on shares of Arista Networks in a research report on Thursday, June 26th. They set an “overweight” rating and a $115.00 price objective on the stock. Finally, Wedbush initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They issued an “outperform” rating on the stock. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $110.07.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $108.71 on Monday. The company has a market cap of $136.53 billion, a P/E ratio of 46.02, a PEG ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The business’s 50-day simple moving average is $95.05 and its 200 day simple moving average is $94.84.

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 return on equity of 30.48% and a net margin of 40.72%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the business posted $0.50 earnings per share. Arista Networks’s revenue for the quarter was up 27.6% on a year-over-year basis. Analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has authorized a share buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the transaction, the senior vice president directly owned 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 748,444 shares of the business’s stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer owned 30,000 shares of the company’s stock, valued at approximately $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,123,370 shares of company stock worth $113,157,408. 3.54% of the stock is owned by insiders.

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.