Arista Networks, Inc. (NYSE:ANET) Shares Sold by Swedbank AB

Swedbank AB decreased its position in Arista Networks, Inc. (NYSE:ANET) by 4.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,715,735 shares of the technology company’s stock after selling 83,583 shares during the period. Arista Networks comprises approximately 0.8% of Swedbank AB’s portfolio, making the stock its 26th biggest holding. Swedbank AB’s holdings in Arista Networks were worth $601,331,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ANET. FCG Investment Co lifted its position in shares of Arista Networks by 2.3% in the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after acquiring an additional 29 shares in the last quarter. Old Port Advisors lifted its position in shares of Arista Networks by 3.5% in the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after acquiring an additional 32 shares in the last quarter. Fortitude Family Office LLC lifted its position in shares of Arista Networks by 33.3% in the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock valued at $46,000 after acquiring an additional 33 shares in the last quarter. NBC Securities Inc. lifted its position in shares of Arista Networks by 21.5% in the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock valued at $62,000 after acquiring an additional 38 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position 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 acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the sale, the director now owns 2,726 shares in the company, valued at $883,278.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of the firm’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 approximately $941,427.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the sale, the director now owns 2,726 shares of the company’s stock, valued at approximately $883,278.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 125,650 shares of company stock worth $42,919,845. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Trading Down 0.8 %

Shares of Arista Networks stock traded down $2.71 during trading hours on Friday, reaching $353.89. The stock had a trading volume of 1,260,403 shares, compared to its average volume of 2,441,793. The firm has a 50 day simple moving average of $338.34 and a two-hundred day simple moving average of $302.33. The firm has a market capitalization of $110.90 billion, a price-to-earnings ratio of 49.66, a P/E/G ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $376.50.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) 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 business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the firm earned $1.41 earnings per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. Sell-side analysts forecast that Arista Networks, Inc. will post 7.29 EPS for the current year.

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

Analyst Ratings Changes

Several brokerages have recently issued reports on ANET. JPMorgan Chase & Co. upped their price objective on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company increased their target price on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Needham & Company LLC reiterated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Citigroup increased their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Finally, Morgan Stanley increased their target price on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen 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 an average price target of $353.38.

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.