Arista Networks, Inc. (NYSE:ANET) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET) by 4.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,664 shares of the technology company’s stock after selling 3,122 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Arista Networks were worth $4,700,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ANET. HighMark Wealth Management LLC increased its holdings in shares of Arista Networks by 179.7% during the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company’s stock worth $28,000 after buying an additional 230 shares during the last quarter. Quarry LP increased its holdings in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 206 shares during the last quarter. Dunhill Financial LLC increased its holdings in shares of Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after buying an additional 212 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Arista Networks during the 1st quarter worth $30,000. Finally, McIlrath & Eck LLC purchased a new stake in Arista Networks during the 4th quarter worth $35,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ANET shares. Evercore ISI upped their price target on shares of Arista Networks from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, June 23rd. BNP Paribas Exane cut shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price target for the company. in a research report on Wednesday, June 11th. Morgan Stanley upped their price target on shares of Arista Networks from $100.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday. KGI Securities cut shares of Arista Networks to a “neutral” rating in a research report on Wednesday, May 7th. Finally, Citigroup upped their price target on shares of Arista Networks from $112.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Price Performance

NYSE:ANET opened at $117.56 on Friday. The firm has a 50-day moving average of $101.48 and a two-hundred day moving average of $95.12. The stock has a market cap of $147.65 billion, a P/E ratio of 49.76, a PEG ratio of 3.58 and a beta of 1.37. 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, beating analysts’ consensus estimates 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 net margin of 40.72% and a return on equity of 30.48%. The firm’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.50 EPS. As a group, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at Arista Networks

In other news, Director Kelly Bodnar Battles sold 864 shares of the company’s stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $114.68, for a total value of $99,083.52. Following the sale, the director owned 7,460 shares in the company, valued at approximately $855,512.80. This represents a 10.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 30,000 shares of the company’s stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the completion of the sale, the senior vice president owned 12,976 shares in the company, valued at approximately $1,442,801.44. This trade represents a 69.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,635,562 shares of company stock worth $291,955,743. Company insiders own 3.39% of the company’s stock.

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.