Kingswood Wealth Advisors LLC Sells 1,696 Shares of Arista Networks, Inc. (NYSE:ANET)

Kingswood Wealth Advisors LLC decreased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 47.0% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,914 shares of the technology company’s stock after selling 1,696 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Arista Networks were worth $555,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Arista Networks in the fourth quarter worth about $586,051,000. Vanguard Group Inc. grew its holdings in Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares in the last quarter. Schroder Investment Management Group raised its position in shares of 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 valued at $231,624,000 after buying an additional 1,025,815 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Arista Networks by 25,188.0% in the fourth 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 in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Arista Networks by 294.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 745,634 shares of the technology company’s stock worth $175,604,000 after acquiring an additional 556,568 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $265,739.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, Director Daniel Scheinman sold 1,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $328.17, for a total transaction of $328,170.00. Following the transaction, the director now owns 37,732 shares of the company’s stock, valued at approximately $12,382,510.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Marc Taxay sold 1,044 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $265,739.76. The disclosure for this sale can be found here. Insiders have sold 212,950 shares of company stock worth $64,987,920 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. UBS Group increased their price target on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Bank of America lifted their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Evercore ISI increased their target price on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Monday, May 20th. Finally, Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Arista Networks in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $306.78.

Arista Networks Stock Up 0.1 %

ANET opened at $334.70 on Thursday. The business has a fifty day moving average of $298.01 and a 200 day moving average of $277.25. The stock has a market cap of $104.88 billion, a P/E ratio of 46.62, a PEG ratio of 2.95 and a beta of 1.08. Arista Networks, Inc. has a 52-week low of $149.10 and a 52-week high of $345.89.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. Equities analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

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.