AlphaCentric Advisors LLC Reduces Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

AlphaCentric Advisors LLC reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 60.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 143 shares of the technology company’s stock after selling 220 shares during the quarter. AlphaCentric Advisors LLC’s holdings in Arista Networks were worth $50,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. bought a new position in Arista Networks in the first quarter worth $26,000. Beacon Capital Management LLC increased its stake in shares of Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after acquiring an additional 65 shares in the last quarter. Financial Synergies Wealth Advisors Inc. lifted its position in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares during the period. Byrne Asset Management LLC bought a new stake in Arista Networks during the second quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC bought a new position in shares of Arista Networks during the second quarter valued at approximately $35,000. 82.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on ANET. Wells Fargo & Company boosted their price target on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Rosenblatt Securities raised their price target on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. UBS Group increased their price objective on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Bank of America lifted their target price on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, Evercore ISI boosted their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $353.38.

Arista Networks Stock Down 3.0 %

Shares of ANET opened at $344.51 on Tuesday. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $376.50. The stock has a market cap of $107.96 billion, a price-to-earnings ratio of 47.98, a PEG ratio of 2.70 and a beta of 1.11. The business has a 50-day simple moving average of $343.47 and a two-hundred day simple moving average of $306.95.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the firm posted $1.41 EPS. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, equities 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 repurchase plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in 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 generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the transaction, the director now owns 2,726 shares of the company’s stock, valued at approximately $883,278.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Marc Taxay sold 4,493 shares of Arista Networks stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $295.47, for a total transaction of $1,327,546.71. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the transaction, the director now owns 2,726 shares of the company’s stock, valued at approximately $883,278.52. The disclosure for this sale can be found here. Insiders have sold 126,704 shares of company stock worth $43,975,690 in the last three months. Company insiders own 3.54% of the company’s stock.

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.