ClariVest Asset Management LLC Lowers Holdings in Arista Networks, Inc. (NYSE:ANET)

ClariVest Asset Management LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 70.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 14,770 shares of the technology company’s stock after selling 34,694 shares during the quarter. ClariVest Asset Management LLC’s holdings in Arista Networks were worth $4,283,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. NBC Securities Inc. grew its holdings in Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after acquiring an additional 38 shares during the period. Sandy Spring Bank increased its holdings in shares of Arista Networks by 33.6% in the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after purchasing an additional 39 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Arista Networks by 6.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock valued at $163,000 after purchasing an additional 39 shares during the period. Fulton Breakefield Broenniman LLC boosted its holdings in Arista Networks by 1.8% during the fourth quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock worth $531,000 after buying an additional 40 shares in the last quarter. Finally, West Family Investments Inc. grew its position in Arista Networks by 3.3% during the fourth quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock worth $298,000 after buying an additional 40 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research reports. The Goldman Sachs Group lifted their price target on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Wells Fargo & Company upped their price target on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Bank of America raised their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and upped their target price for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. Finally, UBS Group raised their price target on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $311.50.

Arista Networks Trading Up 0.6 %

NYSE:ANET traded up $2.31 on Friday, reaching $361.90. The stock had a trading volume of 1,251,903 shares, compared to its average volume of 2,048,179. The company has a 50-day moving average of $324.22 and a 200 day moving average of $288.29. The stock has a market cap of $113.40 billion, a P/E ratio of 50.40, a price-to-earnings-growth ratio of 3.18 and a beta of 1.11. Arista Networks, Inc. has a 12-month low of $149.10 and a 12-month high of $376.50.

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, topping the consensus estimate of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. On average, equities analysts predict that Arista Networks, Inc. will post 7.05 EPS for the current year.

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

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of the business’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. In the last three months, insiders sold 210,076 shares of company stock valued at $68,928,479. Company 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.