one8zero8 LLC Sells 600 Shares of Arista Networks, Inc. (NYSE:ANET)

one8zero8 LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 1.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 43,400 shares of the technology company’s stock after selling 600 shares during the period. one8zero8 LLC’s holdings in Arista Networks were worth $3,363,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. DSG Capital Advisors LLC bought a new position in Arista Networks in the fourth quarter valued at approximately $5,984,000. Ibex Wealth Advisors lifted its stake in shares of Arista Networks by 14.4% in the 1st 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 bought a new position in shares of Arista Networks in the 1st quarter worth $629,000. Legal & General Group Plc grew its stake in shares of Arista Networks by 227.7% during the fourth quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company’s stock worth $863,749,000 after purchasing an additional 5,429,857 shares during the period. Finally, Motley Fool Asset Management LLC grew its stake in shares of Arista Networks by 357.3% during the fourth quarter. Motley Fool Asset Management LLC now owns 65,087 shares of the technology company’s stock worth $7,194,000 after purchasing an additional 50,855 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction that occurred on Monday, June 30th. The shares were 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. This trade represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president directly owned 12,976 shares in the company, valued at approximately $1,168,748.32. This represents a 86.04% 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 in the last quarter. 3.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ANET. KGI Securities cut Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. Needham & Company LLC began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a “buy” rating on the stock. BNP Paribas cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 11th. Barclays lowered their target price on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. Finally, Wolfe Research started coverage on shares of Arista Networks in a research report on Tuesday, July 8th. They set an “outperform” rating on the stock. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $111.40.

Arista Networks Trading Up 0.3%

Shares of NYSE ANET opened at $114.37 on Friday. The company has a fifty day moving average price of $98.86 and a 200 day moving average price of $94.80. The firm has a market cap of $143.64 billion, a PE ratio of 48.41, a PEG ratio of 3.32 and a beta of 1.40. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.57.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.50 earnings per share. Equities research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

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.