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

Inspire Advisors LLC reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 44.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 23,043 shares of the technology company’s stock after selling 18,242 shares during the quarter. Inspire Advisors LLC’s holdings in Arista Networks were worth $1,785,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. DSG Capital Advisors LLC acquired a new position in shares of Arista Networks in the fourth quarter valued at about $5,984,000. Ibex Wealth Advisors increased its holdings in shares of Arista Networks by 14.4% in the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company’s stock valued at $4,501,000 after purchasing an additional 7,329 shares during the period. Sowell Financial Services LLC acquired a new position in shares of Arista Networks in the first quarter valued at about $629,000. Legal & General Group Plc increased its holdings in shares of Arista Networks by 227.7% in the fourth quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company’s stock valued at $863,749,000 after purchasing an additional 5,429,857 shares during the period. Finally, Motley Fool Asset Management LLC increased its holdings in shares of Arista Networks by 357.3% in the fourth quarter. Motley Fool Asset Management LLC now owns 65,087 shares of the technology company’s stock valued at $7,194,000 after purchasing an additional 50,855 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the firm’s stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction 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 $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the sale, the director directly owned 65,784 shares of the company’s stock, valued at approximately $6,536,298.24. This trade represents a 10.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,177,878 shares of company stock valued at $119,281,861 over the last quarter. 3.39% of the stock is owned by insiders.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $114.37 on Friday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.57. The company has a market cap of $143.64 billion, a price-to-earnings ratio of 48.41, a PEG ratio of 3.32 and a beta of 1.40. The business’s 50 day moving average price is $98.86 and its 200 day moving average price is $94.80.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate 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 was up 27.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. On average, analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group cut their price objective on Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Evercore ISI raised their target price on Arista Networks from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, June 23rd. Piper Sandler reaffirmed a “neutral” rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Redburn Atlantic initiated coverage on Arista Networks in a report on Wednesday, May 28th. They set a “buy” rating and a $112.00 target price on the stock. Finally, KGI Securities lowered Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $111.40.

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.