1832 Asset Management L.P. Lowers Stake in Arista Networks, Inc. (NYSE:ANET)

1832 Asset Management L.P. cut its holdings in shares of Arista Networks, Inc. (NYSE:ANETFree Report) by 37.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,749 shares of the technology company’s stock after selling 6,470 shares during the period. 1832 Asset Management L.P.’s holdings in Arista Networks were worth $2,531,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Arista Networks by 0.3% during the third quarter. Vanguard Group Inc. now owns 27,898,836 shares of the technology company’s stock valued at $5,131,433,000 after purchasing an additional 84,212 shares in the last quarter. FMR LLC lifted its stake in Arista Networks by 32.2% in the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock valued at $1,897,906,000 after buying an additional 2,515,864 shares in the last quarter. Capital World Investors boosted its holdings in Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after buying an additional 55,312 shares during the last quarter. WCM Investment Management LLC increased its stake in Arista Networks by 0.5% during the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after buying an additional 16,081 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Arista Networks during the fourth quarter valued at approximately $586,051,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

NYSE ANET opened at $296.79 on Friday. The stock has a market capitalization of $93.00 billion, a P/E ratio of 41.34, a PEG ratio of 2.68 and a beta of 1.08. The firm’s 50-day moving average is $288.30 and its two-hundred day moving average is $267.57. Arista Networks, Inc. has a 12 month low of $148.32 and a 12 month high of $329.04.

Arista Networks (NYSE:ANETGet Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, topping 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 firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. As a group, analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current year.

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

Insider Activity

In related news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the transaction, the director now owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Jayshree Ullal sold 87,418 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total value of $70,543.82. Following the completion of the transaction, the director now owns 2,976 shares of the company’s stock, valued at $941,427.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 407,368 shares of company stock valued at $119,728,043. 3.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and lifted their price target for the stock from $240.00 to $320.00 in a research note on Friday, May 3rd. Piper Sandler lifted their target price on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Wells Fargo & Company increased their target price on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Oppenheimer reissued a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. Finally, Evercore ISI upped their price objective on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research note on Monday, May 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $295.22.

Read Our Latest Report on Arista Networks

About Arista Networks

(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.

Further Reading

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

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