Neo Ivy Capital Management Sells 37,688 Shares of Arista Networks, Inc. (NYSE:ANET)

Neo Ivy Capital Management reduced its holdings in Arista Networks, Inc. (NYSE:ANET) by 85.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,328 shares of the technology company’s stock after selling 37,688 shares during the quarter. Neo Ivy Capital Management’s holdings in Arista Networks were worth $490,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HighMark Wealth Management LLC increased its holdings in shares of Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company’s stock valued at $28,000 after acquiring an additional 230 shares in the last quarter. Quarry LP increased its holdings in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC boosted its position in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock valued at $29,000 after buying an additional 212 shares during the last quarter. Cloud Capital Management LLC purchased a new position in shares of Arista Networks during the first quarter valued at approximately $30,000. Finally, McIlrath & Eck LLC purchased a new position in shares of Arista Networks during the fourth quarter valued at approximately $35,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of ANET opened at $114.37 on Friday. The firm has a market cap of $143.64 billion, a PE ratio of 48.41, a PEG ratio of 3.31 and a beta of 1.40. The stock’s fifty day moving average price is $98.86 and its two-hundred day moving average price is $94.94. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.57.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for 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 business’s revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. Sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the business’s stock in a transaction 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 sale, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the sale, the director owned 65,784 shares in the company, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,177,878 shares of company stock worth $119,281,861 over the last ninety days. 3.39% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ANET has been the topic of several analyst reports. KeyCorp initiated coverage on Arista Networks in a research report on Thursday, June 26th. They set an “overweight” rating and a $115.00 target price on the stock. Erste Group Bank raised Arista Networks from a “hold” rating to a “buy” rating in a research report on Wednesday. Citigroup lifted their target price on Arista Networks from $112.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, July 11th. KGI Securities cut Arista Networks to a “neutral” rating in a research report on Wednesday, May 7th. Finally, BNP Paribas Exane cut Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 target price on the stock. in a research report on Wednesday, June 11th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $111.40.

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.