HBW Advisory Services LLC Cuts Holdings in Arista Networks, Inc. (NYSE:ANET)

HBW Advisory Services LLC cut its position in shares of Arista Networks, Inc. (NYSE:ANET) by 41.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 762 shares of the technology company’s stock after selling 546 shares during the quarter. HBW Advisory Services LLC’s holdings in Arista Networks were worth $267,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. purchased a new position in Arista Networks during the first quarter worth about $26,000. Financial Synergies Wealth Advisors Inc. boosted its stake in Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares during the last quarter. Alaska Permanent Fund Corp purchased a new position in Arista Networks in the first quarter valued at about $37,000. Riverview Trust Co purchased a new position in Arista Networks in the first quarter valued at about $40,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new position in Arista Networks in the first quarter valued at about $42,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $294.40, for a total transaction of $588,800.00. Following the completion of the sale, the director now directly owns 54,946 shares in the company, valued at $16,176,102.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $294.40, for a total value of $588,800.00. Following the completion of the transaction, the director now directly owns 54,946 shares in the company, valued at $16,176,102.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John F. Mccool sold 588 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $206,094.00. The disclosure for this sale can be found here. Insiders sold 207,976 shares of company stock worth $68,669,935 over the last three months. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Up 2.7 %

Arista Networks stock traded up $8.42 during trading hours on Tuesday, hitting $323.35. The stock had a trading volume of 1,648,244 shares, compared to its average volume of 2,494,650. The stock has a market capitalization of $101.58 billion, a P/E ratio of 45.36, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50. The stock’s 50-day moving average price is $332.33 and its 200-day moving average price is $298.72.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.41 earnings per share. On average, research analysts expect that Arista Networks, Inc. will post 7.29 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ANET shares. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. JPMorgan Chase & Co. boosted their target price on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. KeyCorp boosted their target price 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. Bank of America boosted their target price on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, Wells Fargo & Company boosted their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $353.38.

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.