Wealthspire Advisors LLC Sells 504 Shares of Arista Networks, Inc. (NYSE:ANET)

Wealthspire Advisors LLC reduced its stake in Arista Networks, Inc. (NYSE:ANET) by 32.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,071 shares of the technology company’s stock after selling 504 shares during the period. Wealthspire Advisors LLC’s holdings in Arista Networks were worth $311,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Benjamin Edwards Inc. bought a new position in shares of Arista Networks in the 1st quarter valued at about $26,000. Financial Synergies Wealth Advisors Inc. increased its position in shares of Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares during the last quarter. Atticus Wealth Management LLC raised its holdings in Arista Networks by 3,625.0% during the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after buying an additional 145 shares during the period. Rakuten Securities Inc. bought a new stake in Arista Networks in the fourth quarter worth $35,000. Finally, Sandy Spring Bank boosted its stake in Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after buying an additional 39 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Bank of America raised 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. Barclays upped their target price on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. KeyCorp raised their price target on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Wells Fargo & Company upped their price objective on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Finally, Morgan Stanley increased their target price on Arista Networks from $300.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $311.50.

Arista Networks Price Performance

Arista Networks stock traded up $2.31 during trading hours 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 market cap of $113.40 billion, a price-to-earnings ratio of 50.40, a PEG ratio of 3.18 and a beta of 1.11. The business’s 50 day moving average price is $324.22 and its 200-day moving average price is $287.93. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $376.50.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.56 by $0.24. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. On average, sell-side analysts forecast that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share 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 purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following 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 is available through the SEC website. In other news, insider John F. Mccool sold 416 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $105,888.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 210,076 shares of company stock valued at $68,928,479. 3.54% of the stock is currently owned by insiders.

Arista Networks 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.