Hennion & Walsh Asset Management Inc. Sells 187 Shares of Arista Networks, Inc. (NYSE:ANET)

Hennion & Walsh Asset Management Inc. reduced its position in Arista Networks, Inc. (NYSE:ANET) by 1.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,091 shares of the technology company’s stock after selling 187 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Arista Networks were worth $5,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in ANET. PNC Financial Services Group Inc. lifted its holdings in Arista Networks by 7.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock valued at $12,082,000 after purchasing an additional 3,763 shares during the last quarter. Lebenthal Global Advisors LLC purchased a new stake in shares of Arista Networks during the 4th quarter valued at approximately $662,000. AXQ Capital LP bought a new position in Arista Networks in the 3rd quarter worth approximately $791,000. US Bancorp DE grew its stake in Arista Networks by 6.3% in the 4th quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock valued at $10,082,000 after buying an additional 2,535 shares in the last quarter. Finally, Advisor Resource Council raised its holdings in Arista Networks by 507.9% during the 4th quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock valued at $1,653,000 after acquiring an additional 5,866 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction dated 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 $512,208,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $940,922.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s 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 transaction, the chief executive officer now directly owns 1,615,800 shares in the company, valued at $512,208,600. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 212,950 shares of company stock valued at $64,987,920. 3.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ANET. Morgan Stanley lifted their price target on Arista Networks from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, June 12th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Arista Networks in a research report on Wednesday, May 8th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Bank of America upped their target price 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. Finally, Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and raised their price target for the company from $240.00 to $320.00 in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $311.50.

Arista Networks Stock Performance

NYSE:ANET traded up $2.55 during trading hours on Friday, reaching $350.48. The company’s stock had a trading volume of 2,879,761 shares, compared to its average volume of 2,332,303. The firm has a market capitalization of $109.83 billion, a price-to-earnings ratio of 48.81, a PEG ratio of 3.07 and a beta of 1.08. The firm has a 50-day simple moving average of $303.42 and a 200-day simple moving average of $279.00. Arista Networks, Inc. has a 1 year low of $149.10 and a 1 year high of $355.22.

Arista Networks (NYSE:ANET) last released 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 company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. Equities analysts anticipate that Arista Networks, Inc. will post 7.05 earnings per share 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.

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.