Arista Networks, Inc. (NYSE:ANET) Position Decreased by 9258 Wealth Management LLC

9258 Wealth Management LLC decreased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 8.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 936 shares of the technology company’s stock after selling 82 shares during the period. 9258 Wealth Management LLC’s holdings in Arista Networks were worth $271,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake 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 valued at $6,946,338,000 after buying an additional 1,596,040 shares in the last quarter. Capital World Investors grew its holdings in Arista Networks by 0.5% during the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after purchasing an additional 55,312 shares during the last quarter. WCM Investment Management LLC grew its holdings in Arista Networks by 0.8% during the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after purchasing an additional 25,196 shares during the last quarter. Norges Bank acquired a new position in Arista Networks during the fourth quarter valued at approximately $586,051,000. Finally, Jennison Associates LLC grew its holdings in Arista Networks by 0.8% during the fourth 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. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ANET shares. Morgan Stanley raised their price objective on shares of Arista Networks from $300.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 12th. Piper Sandler lifted their price target on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and lifted their price target for the stock from $240.00 to $320.00 in a research note on Friday, May 3rd. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Arista Networks in a research note on Wednesday, May 8th. Finally, Rosenblatt Securities reiterated a “sell” rating and set a $210.00 price target on shares of Arista Networks in a research note on Friday, April 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $311.50.

Insider Buying and Selling

In related news, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the completion of the sale, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the completion of the sale, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The disclosure for this sale can be found here. Insiders sold a total of 210,076 shares of company stock worth $68,928,479 over the last three months. 3.54% of the stock is currently owned by company insiders.

Arista Networks Trading Down 1.2 %

Shares of Arista Networks stock traded down $4.30 during trading on Thursday, reaching $359.45. The company’s stock had a trading volume of 1,646,334 shares, compared to its average volume of 2,471,421. The stock has a 50-day moving average price of $320.51 and a two-hundred day moving average price of $286.57. Arista Networks, Inc. has a one year low of $149.10 and a one year high of $376.50. The stock has a market capitalization of $112.64 billion, a P/E ratio of 50.02, a price-to-earnings-growth ratio of 3.28 and a beta of 1.11.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) 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 business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks declared that its board has initiated a stock buyback program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management 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.