Fulton Bank N.A. Sells 425 Shares of Arista Networks, Inc. (NYSE:ANET)

Fulton Bank N.A. reduced its stake in Arista Networks, Inc. (NYSE:ANET) by 7.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,314 shares of the technology company’s stock after selling 425 shares during the period. Fulton Bank N.A.’s holdings in Arista Networks were worth $1,862,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Benjamin Edwards Inc. bought a new stake in Arista Networks during the first quarter worth $26,000. Financial Synergies Wealth Advisors Inc. lifted its stake in Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after purchasing an additional 96 shares during the last quarter. Rakuten Securities Inc. bought a new stake in Arista Networks during the fourth quarter worth $35,000. Sugarloaf Wealth Management LLC bought a new stake in Arista Networks during the second quarter worth $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Arista Networks during the second quarter worth $35,000. 82.47% of the stock is currently owned by institutional investors.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,615,800 shares of the company’s stock, valued at approximately $512,208,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total value of $7,925,000.00. Following the transaction, the chief executive officer now owns 1,615,800 shares in the company, valued at approximately $512,208,600. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now owns 2,976 shares in the company, valued at approximately $941,427.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,808 shares of company stock valued at $68,934,611. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Arista Networks stock traded up $8.42 during mid-day trading on Tuesday, reaching $323.35. The company’s stock had a trading volume of 1,648,244 shares, compared to its average volume of 2,494,650. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50. The company has a market capitalization of $101.58 billion, a P/E ratio of 45.03, a PEG ratio of 2.70 and a beta of 1.11. The firm’s fifty day moving average price is $332.33 and its two-hundred day moving average price is $298.72.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the firm earned $1.41 EPS. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, research analysts predict that Arista Networks, Inc. will post 7.29 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ANET. KeyCorp upped their price target on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Bank of America upped their price target on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Barclays upped their price target on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Morgan Stanley increased their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Finally, Citigroup increased their price objective on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $353.38.

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.