Cornerstone Advisors LLC Sells 500 Shares of Arista Networks, Inc. (NYSE:ANET)

Cornerstone Advisors LLC reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 11.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 4,000 shares of the technology company’s stock after selling 500 shares during the period. Cornerstone Advisors LLC’s holdings in Arista Networks were worth $1,160,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings 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. Capital World Investors increased its holdings in 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 purchasing an additional 55,312 shares in the last quarter. WCM Investment Management LLC raised its position in Arista Networks by 0.8% in the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after purchasing an additional 25,196 shares during the last quarter. Norges Bank acquired a new stake in shares of Arista Networks during the fourth quarter valued at about $586,051,000. Finally, Jennison Associates LLC grew its holdings in shares of Arista Networks by 0.8% during the fourth quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock worth $425,683,000 after purchasing an additional 14,627 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of the company’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 filing with the SEC, which is available through the SEC website. In related news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $255.83, for a total transaction of $511,660.00. Following the sale, the director now owns 56,946 shares of the company’s stock, valued at approximately $14,568,495.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 1,044 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The disclosure for this sale can be found here. Insiders have sold a total of 210,076 shares of company stock worth $68,928,479 over the last ninety days. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Down 0.6 %

NYSE ANET traded down $2.07 during trading hours on Friday, reaching $330.56. 1,354,350 shares of the company were exchanged, compared to its average volume of 1,940,961. The stock has a market capitalization of $103.58 billion, a P/E ratio of 46.04, a P/E/G ratio of 2.91 and a beta of 1.11. Arista Networks, Inc. has a 1 year low of $149.10 and a 1 year high of $376.50. The business’s 50 day simple moving average is $329.48 and its 200-day simple moving average is $292.07.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) 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 analyst estimates of $1.55 billion. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 7.06 earnings per share for the current year.

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 7th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ANET shares. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. UBS Group upped their price target on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Piper Sandler raised their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. KeyCorp increased their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Evercore ISI lifted their target price on Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $330.18.

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.