Arista Networks, Inc. (NYSE:ANET) Shares Sold by International Assets Investment Management LLC

International Assets Investment Management LLC decreased its holdings in Arista Networks, Inc. (NYSE:ANET) by 12.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,272 shares of the technology company’s stock after selling 334 shares during the period. International Assets Investment Management LLC’s holdings in Arista Networks were worth $681,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Alaska Permanent Fund Corp purchased a new stake in shares of Arista Networks in the first quarter valued at about $37,000. Rakuten Securities Inc. acquired a new stake in shares of Arista Networks during the 4th quarter worth approximately $35,000. Atticus Wealth Management LLC raised its position in shares of Arista Networks by 3,625.0% during the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after buying an additional 145 shares during the period. Sandy Spring Bank grew its position in Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after acquiring an additional 39 shares during the period. Finally, Transcendent Capital Group LLC acquired a new stake in Arista Networks during the fourth quarter worth $42,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $265,739.76. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Yvonne Wassenaar sold 223 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were 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 owns 2,976 shares in the company, valued at approximately $941,427.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 1,044 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $265,739.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 235,950 shares of company stock worth $71,801,440. Insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

NYSE ANET opened at $337.36 on Monday. The firm’s fifty day moving average price is $295.25 and its 200 day moving average price is $275.67. Arista Networks, Inc. has a 12 month low of $148.32 and a 12 month high of $345.89. The company has a market capitalization of $105.72 billion, a price-to-earnings ratio of 46.99, a price-to-earnings-growth ratio of 3.08 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.24. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ANET shares. KeyCorp increased their price target on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Barclays increased their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. boosted their target price on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Wells Fargo & Company lifted their price objective on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Finally, Piper Sandler increased their target price on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $306.78.

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.