Arista Networks, Inc. (NYSE:ANET) Shares Sold by HBW Advisory Services LLC

HBW Advisory Services LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 41.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 762 shares of the technology company’s stock after selling 546 shares during the quarter. HBW Advisory Services LLC’s holdings in Arista Networks were worth $267,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ANET. GQG Partners LLC acquired a new position in Arista Networks in the 1st quarter valued at about $881,848,000. Norges Bank acquired a new position in shares of Arista Networks during the fourth quarter worth about $586,051,000. Swedbank AB acquired a new position in shares of Arista Networks during the first quarter worth about $521,767,000. Vanguard Group Inc. grew its position in shares of Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after buying an additional 1,596,040 shares in the last quarter. Finally, TD Asset Management Inc grew its position in shares of Arista Networks by 145.5% during the fourth quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after buying an additional 471,099 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Arista Networks

In other news, Director Yvonne Wassenaar sold 223 shares of the company’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 23,958 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $301.29, for a total value of $7,218,305.82. Following the completion of the sale, the chief executive officer now owns 10,000 shares of the company’s stock, valued at $3,012,900. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 directly owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The disclosure for this sale can be found here. Insiders sold 207,976 shares of company stock worth $68,669,935 over the last 90 days. 3.54% of the stock is currently owned by insiders.

Arista Networks Stock Performance

NYSE ANET traded up $8.42 on Tuesday, reaching $323.35. The 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 business’s 50-day moving average price is $332.33 and its 200 day moving average price is $298.72. The stock has a market cap of $101.58 billion, a P/E ratio of 45.36, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, sell-side analysts predict that Arista Networks, Inc. will post 7.29 earnings per share for the current year.

Arista Networks announced that its board has approved 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 buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ANET shares. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. JPMorgan Chase & Co. boosted their price objective on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Citigroup boosted their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Jefferies Financial Group upped their price target on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average price target of $353.38.

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.