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

Hennion & Walsh Asset Management Inc. trimmed its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 1.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 18,091 shares of the technology company’s stock after selling 187 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Arista Networks were worth $5,246,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares in the last quarter. Capital World Investors grew its stake in shares of Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after buying an additional 55,312 shares in the last quarter. WCM Investment Management LLC increased its holdings in shares of Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after buying an additional 16,081 shares during the last quarter. Norges Bank purchased a new stake in shares of Arista Networks during the 4th quarter valued at about $586,051,000. Finally, Jennison Associates LLC lifted its holdings in shares of Arista Networks by 0.8% in the 4th quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock valued at $425,683,000 after acquiring an additional 14,627 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the transaction, the director now directly owns 2,976 shares of the company’s stock, valued at $941,427.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total value of $7,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,615,800 shares in the company, valued at approximately $512,208,600. The disclosure for this sale can be found here. Insiders have sold 212,950 shares of company stock valued at $64,987,920 over the last ninety days. 3.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Bank of America raised their price target on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Barclays boosted their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Finally, UBS Group lifted their price target on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $311.50.

Arista Networks Trading Up 0.7 %

Shares of ANET stock traded up $2.55 during trading hours on Friday, reaching $350.48. 2,879,761 shares of the company’s stock were exchanged, compared to its average volume of 2,332,303. Arista Networks, Inc. has a 1 year low of $149.10 and a 1 year high of $355.22. The stock has a market cap of $109.83 billion, a PE ratio of 48.81, a PEG ratio of 3.07 and a beta of 1.08. The stock’s fifty day moving average price is $303.42 and its two-hundred day moving average price is $279.00.

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

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