Modera Wealth Management LLC Sells 255 Shares of Arista Networks, Inc. (NYSE:ANET)

Modera Wealth Management LLC lowered its stake in Arista Networks, Inc. (NYSE:ANET) by 3.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 7,120 shares of the technology company’s stock after selling 255 shares during the quarter. Modera Wealth Management LLC’s holdings in Arista Networks were worth $552,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. FMR LLC lifted its holdings in Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC lifted its holdings in shares of Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock worth $3,016,207,000 after buying an additional 20,059,303 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Arista Networks by 330.8% in the fourth quarter. Nuveen Asset Management LLC now owns 11,292,585 shares of the technology company’s stock worth $1,248,169,000 after purchasing an additional 8,671,235 shares during the last quarter. Invesco Ltd. increased its position in shares of Arista Networks by 271.2% in the fourth quarter. Invesco Ltd. now owns 11,190,118 shares of the technology company’s stock worth $1,236,844,000 after purchasing an additional 8,175,884 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Arista Networks by 354.3% in the fourth quarter. Northern Trust Corp now owns 9,942,816 shares of the technology company’s stock worth $1,098,979,000 after purchasing an additional 7,753,991 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $111.19, for a total value of $3,335,700.00. Following the completion of the sale, the senior vice president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 288,820 shares of Arista Networks stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $122.19, for a total value of $35,290,915.80. Following the completion of the sale, the chief executive officer owned 6,065,859 shares of the company’s stock, valued at $741,187,311.21. The trade was a 4.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,635,562 shares of company stock valued at $291,955,743 over the last quarter. Corporate insiders own 3.39% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of several research analyst reports. KeyCorp initiated coverage on shares of Arista Networks in a research report on Thursday, June 26th. They issued an “overweight” rating and a $115.00 price objective on the stock. Barclays decreased their price objective on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. JPMorgan Chase & Co. increased their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Morgan Stanley increased their price target on shares of Arista Networks from $100.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Rosenblatt Securities increased their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus price target of $114.00.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $117.56 on Friday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.57. The business has a fifty day moving average price of $101.48 and a 200-day moving average price of $95.12. The company has a market capitalization of $147.65 billion, a PE ratio of 49.76, a PEG ratio of 3.58 and a beta of 1.37.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate 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 period last year, the company earned $0.50 earnings per share. The company’s revenue was up 27.6% on a year-over-year basis. On average, 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 approved a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.