Raymond James & Associates Sells 117,907 Shares of Arista Networks, Inc. (NYSE:ANET)

Raymond James & Associates lessened its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 35.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 211,638 shares of the technology company’s stock after selling 117,907 shares during the quarter. Raymond James & Associates owned 0.07% of Arista Networks worth $74,175,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ANET. Vanguard Group Inc. grew its position in Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares during the last quarter. Capital World Investors increased its stake in shares of Arista Networks by 0.5% in 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 buying an additional 55,312 shares in the last quarter. WCM Investment Management LLC raised its holdings in shares of Arista Networks by 0.8% in 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 buying an additional 25,196 shares during the last quarter. GQG Partners LLC acquired a new position in Arista Networks during the 1st quarter worth about $881,848,000. Finally, Norges Bank acquired a new stake in Arista Networks in the 4th quarter valued at about $586,051,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Down 0.8 %

Shares of ANET stock traded down $2.71 during trading on Friday, reaching $353.89. The company’s stock had a trading volume of 1,262,691 shares, compared to its average volume of 2,441,793. The company has a market cap of $110.90 billion, a price-to-earnings ratio of 49.29, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The business has a fifty day moving average price of $339.48 and a 200-day moving average price of $303.13.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the business posted $1.41 EPS. The company’s quarterly revenue was up 15.9% on a year-over-year basis. Research analysts anticipate that Arista Networks, Inc. will post 7.29 EPS for the current year.

Arista Networks announced that its board has authorized a share repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ANET. JPMorgan Chase & Co. increased their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Bank of America lifted their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Needham & Company LLC reiterated a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. Jefferies Financial Group boosted their price objective on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Piper Sandler raised their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus price target of $353.38.

Insider Activity at Arista Networks

In related news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the sale, the director now owns 2,976 shares in the company, valued at approximately $941,427.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction that occurred 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 sale, the director now 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 at this hyperlink. Also, insider John F. Mccool sold 1,291 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $315.81, for a total value of $407,710.71. Following the completion of the transaction, the insider now directly owns 1,291 shares in the company, valued at approximately $407,710.71. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,650 shares of company stock worth $42,919,845. Insiders own 3.54% of the company’s stock.

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.