FCG Investment Co Sells 193 Shares of Arista Networks, Inc. (NYSE:ANET)

FCG Investment Co lessened its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 13.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,242 shares of the technology company’s stock after selling 193 shares during the period. FCG Investment Co’s holdings in Arista Networks were worth $360,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of ANET. Vanguard Group Inc. grew its holdings in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Capital World Investors increased its holdings in shares of Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after acquiring an additional 55,312 shares during the last quarter. WCM Investment Management LLC raised its stake in Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after acquiring an additional 16,081 shares during the period. Norges Bank bought a new stake in Arista Networks in the 4th quarter valued at $586,051,000. Finally, Jennison Associates LLC lifted its holdings in Arista Networks by 0.8% during the 4th quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock valued at $425,683,000 after purchasing an additional 14,627 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,595,800 shares in the company, valued at approximately $569,700,600. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the completion of the transaction, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 624 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The disclosure for this sale can be found here. Insiders have sold a total of 214,118 shares of company stock worth $68,528,038 over the last 90 days. Insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ANET shares. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and upped their price objective for the company from $240.00 to $320.00 in a report on Friday, May 3rd. Rosenblatt Securities reissued a “sell” rating and issued a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. JPMorgan Chase & Co. raised their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. UBS Group upped their target price on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Finally, Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $311.50.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $8.41 on Thursday, reaching $365.42. 1,210,192 shares of the stock were exchanged, compared to its average volume of 2,265,628. The firm’s 50 day moving average is $309.96 and its 200-day moving average is $282.02. The firm has a market cap of $114.51 billion, a PE ratio of 50.89, a P/E/G ratio of 3.15 and a beta of 1.11. Arista Networks, Inc. has a one year low of $149.10 and a one year high of $365.42.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. On average, equities research analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a stock buyback program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.