Arista Networks, Inc. (NYSE:ANET) Shares Sold by Quarry LP

Quarry LP lessened its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 44.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 182 shares of the technology company’s stock after selling 143 shares during the quarter. Quarry LP’s holdings in Arista Networks were worth $43,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Arista Networks during the fourth quarter worth about $586,051,000. Schroder Investment Management Group lifted its position in Arista Networks by 439.3% during the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock worth $231,624,000 after buying an additional 1,025,815 shares during the period. International Assets Investment Management LLC boosted its stake in Arista Networks by 25,188.0% in the 4th quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock worth $1,445,420,000 after buying an additional 611,312 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Arista Networks by 294.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 745,634 shares of the technology company’s stock valued at $175,604,000 after buying an additional 556,568 shares during the period. Finally, TD Asset Management Inc lifted its holdings in shares of Arista Networks by 145.5% during the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after acquiring an additional 471,099 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 21,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $289.06, for a total value of $6,070,260.00. Following the transaction, the chief executive officer now owns 1,674,300 shares of the company’s stock, valued at $483,973,158. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Jayshree Ullal sold 21,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $289.06, for a total transaction of $6,070,260.00. Following the completion of the transaction, the chief executive officer now owns 1,674,300 shares in the company, valued at $483,973,158. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total transaction of $5,801,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at $940,922.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 279,950 shares of company stock valued at $84,323,830. Company insiders own 3.54% of the company’s stock.

Arista Networks Trading Down 1.0 %

Shares of NYSE:ANET opened at $328.50 on Monday. The firm has a market cap of $102.94 billion, a PE ratio of 45.75, a price-to-earnings-growth ratio of 2.97 and a beta of 1.08. Arista Networks, Inc. has a 12-month low of $148.32 and a 12-month high of $331.75. The company has a fifty day simple moving average of $290.26 and a 200 day simple moving average of $271.32.

Arista Networks (NYSE:ANET) last announced 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. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. As a group, equities research analysts forecast that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to repurchase 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.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. Barclays boosted their target price on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. KeyCorp upped their price objective on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Rosenblatt Securities reiterated a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a report on Friday, April 12th. JPMorgan Chase & Co. upped their price target on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, Evercore ISI lifted their price objective on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research note on Monday, May 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $298.17.

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.