Bellecapital International Ltd. Sells 4,704 Shares of Arista Networks, Inc. (NYSE:ANET)

Bellecapital International Ltd. lowered its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 2.2% in the 1st quarter, Holdings Channel.com reports. The fund owned 209,765 shares of the technology company’s stock after selling 4,704 shares during the period. Arista Networks makes up about 3.2% of Bellecapital International Ltd.’s holdings, making the stock its 10th biggest holding. Bellecapital International Ltd.’s holdings in Arista Networks were worth $16,253,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after acquiring an additional 72,311,318 shares during the last quarter. FMR LLC lifted its stake in shares of Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the period. Cresset Asset Management LLC boosted its holdings in shares of Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock worth $3,016,207,000 after buying an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after buying an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after buying an additional 14,454,822 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ANET. Erste Group Bank lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Redburn Atlantic began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a “buy” rating and a $112.00 price objective on the stock. Needham & Company LLC began coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a “buy” rating for the company. Citigroup boosted their target price on Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $107.38.

Insider Transactions at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now directly owns 7,480 shares of the company’s stock, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares of the company’s stock, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock worth $9,360,205 in the last quarter. Insiders own 3.39% of the company’s stock.

Arista Networks Stock Up 0.6%

ANET stock opened at $94.25 on Thursday. The firm has a market cap of $118.38 billion, a PE ratio of 42.46, a P/E/G ratio of 3.10 and a beta of 1.37. The business has a 50 day moving average of $84.81 and a 200-day moving average of $96.48. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 EPS. On average, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has initiated a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Arista Networks Company Profile

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.