Arista Networks, Inc. (NYSE:ANET) Shares Sold by SVB Wealth LLC

SVB Wealth LLC cut its stake in Arista Networks, Inc. (NYSE:ANET) by 3.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,908 shares of the technology company’s stock after selling 382 shares during the period. SVB Wealth LLC’s holdings in Arista Networks were worth $3,163,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Benjamin Edwards Inc. purchased a new stake in shares of Arista Networks in the first quarter valued at about $26,000. Financial Synergies Wealth Advisors Inc. increased its stake in shares of Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the period. Alaska Permanent Fund Corp acquired a new position in shares of Arista Networks during the first quarter worth about $37,000. Riverview Trust Co acquired a new position in shares of Arista Networks during the first quarter worth about $40,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Arista Networks during the first quarter worth about $42,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ANET has been the topic of several recent analyst reports. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Morgan Stanley upped their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. Citigroup upped their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Rosenblatt Securities reissued a “sell” rating and set a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Finally, KeyCorp upped their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $333.12.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $1.59 during trading hours on Monday, reaching $320.80. The company’s stock had a trading volume of 2,821,382 shares, compared to its average volume of 2,451,826. The stock has a market cap of $100.53 billion, a P/E ratio of 45.36, a price-to-earnings-growth ratio of 2.81 and a beta of 1.11. The company’s 50 day simple moving average is $330.65 and its 200 day simple moving average is $295.65. Arista Networks, Inc. has a one year low of $150.72 and a one year high of $376.50.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.24. The firm 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, sell-side analysts predict that Arista Networks, Inc. will post 7.07 earnings per share for the current fiscal year.

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

Insider Activity at Arista Networks

In related news, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total value of $70,543.82. Following the sale, the director now directly 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 at the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total transaction of $388,155.00. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,575,312.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Yvonne Wassenaar sold 223 shares of Arista Networks 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 transaction, the director now directly owns 2,976 shares in the company, valued at approximately $941,427.84. 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 in the last ninety days. 3.54% of the stock is owned by insiders.

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.