Assetmark Inc. Sells 6,437 Shares of Arista Networks, Inc. (NYSE:ANET)

Assetmark Inc. cut its holdings in shares of Arista Networks, Inc. (NYSE:ANETFree Report) by 89.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 734 shares of the technology company’s stock after selling 6,437 shares during the period. Assetmark Inc.’s holdings in Arista Networks were worth $173,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. CreativeOne Wealth LLC acquired a new position in Arista Networks during the 4th quarter worth $206,000. Corient Private Wealth LLC lifted its holdings in Arista Networks by 3.8% during the 4th quarter. Corient Private Wealth LLC now owns 120,262 shares of the technology company’s stock worth $28,323,000 after buying an additional 4,400 shares in the last quarter. D.A. Davidson & CO. lifted its holdings in Arista Networks by 2.6% during the 4th quarter. D.A. Davidson & CO. now owns 8,234 shares of the technology company’s stock worth $1,939,000 after buying an additional 211 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in Arista Networks by 17.7% during the 4th quarter. Clearbridge Investments LLC now owns 341,212 shares of the technology company’s stock worth $80,359,000 after buying an additional 51,294 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Arista Networks by 11.5% during the 4th quarter. Wells Fargo & Company MN now owns 960,346 shares of the technology company’s stock worth $226,171,000 after buying an additional 99,284 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of NYSE ANET opened at $303.60 on Friday. Arista Networks, Inc. has a fifty-two week low of $148.32 and a fifty-two week high of $329.04. The stock has a market capitalization of $95.14 billion, a price-to-earnings ratio of 42.28, a PEG ratio of 2.78 and a beta of 1.13. The business has a 50-day moving average of $288.31 and a 200-day moving average of $263.77.

Arista Networks (NYSE:ANETGet Free Report) last issued its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. On average, sell-side analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current year.

Arista Networks announced that its board has authorized a share repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity at Arista Networks

In related news, insider John F. Mccool sold 416 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $285.52, for a total value of $118,776.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arista Networks news, insider John F. Mccool sold 416 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $285.52, for a total transaction of $118,776.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $269.15, for a total transaction of $5,383,000.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $873,122.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 399,875 shares of company stock worth $117,511,146. Insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ANET shares. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Arista Networks in a report on Wednesday, May 8th. Wells Fargo & Company increased their price target on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. KeyCorp increased their price target on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. JMP Securities reissued a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a research note on Tuesday, February 13th. Finally, Evercore ISI increased their price target 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 assigned a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $295.22.

Check Out Our Latest Stock Analysis on ANET

Arista Networks Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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