Zurcher Kantonalbank Zurich Cantonalbank Sells 2,641 Shares of Arista Networks, Inc. (NYSE:ANET)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in Arista Networks, Inc. (NYSE:ANET) by 4.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 59,280 shares of the technology company’s stock after selling 2,641 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Arista Networks were worth $20,776,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ameritas Advisory Services LLC raised its holdings in shares of Arista Networks by 8.4% during the second quarter. Ameritas Advisory Services LLC now owns 5,590 shares of the technology company’s stock worth $1,959,000 after acquiring an additional 431 shares during the period. Riggs Asset Managment Co. Inc. increased its holdings in Arista Networks by 2.5% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 14,489 shares of the technology company’s stock worth $5,078,000 after purchasing an additional 347 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Arista Networks by 4.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,480 shares of the technology company’s stock valued at $1,220,000 after purchasing an additional 158 shares in the last quarter. Financial Advocates Investment Management acquired a new position in shares of Arista Networks during the second quarter worth about $265,000. Finally, HB Wealth Management LLC grew its holdings in shares of Arista Networks by 28.9% during the second quarter. HB Wealth Management LLC now owns 4,835 shares of the technology company’s stock worth $1,695,000 after buying an additional 1,083 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Up 0.5 %

Shares of NYSE:ANET traded up $1.72 on Friday, hitting $348.31. The company had a trading volume of 477,100 shares, compared to its average volume of 2,365,598. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $376.50. The stock has a market cap of $109.15 billion, a price-to-earnings ratio of 48.65, a P/E/G ratio of 2.70 and a beta of 1.11. The stock has a 50 day moving average price of $343.60 and a 200 day moving average price of $307.63.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the company earned $1.41 earnings per share. The company’s quarterly revenue was up 15.9% on a year-over-year basis. Sell-side analysts anticipate that Arista Networks, Inc. will post 7.29 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 4,493 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $295.47, for a total value of $1,327,546.71. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider John F. Mccool sold 584 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $300.40, for a total value of $175,433.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 4,493 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $295.47, for a total transaction of $1,327,546.71. The disclosure for this sale can be found here. Insiders have sold a total of 128,296 shares of company stock worth $44,532,174 over the last ninety days. Insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Piper Sandler boosted their target price on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Citigroup increased their target price on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Wells Fargo & Company lifted their price target 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. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Finally, Rosenblatt Securities lifted their target price on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.