Bfsg LLC Reduces Position in Arista Networks, Inc. (NYSE:ANET)

Bfsg LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 4.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,876 shares of the technology company’s stock after selling 457 shares during the quarter. Bfsg LLC’s holdings in Arista Networks were worth $765,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Arista Networks during the fourth quarter worth $202,000. Blue Trust Inc. boosted its stake in shares of Arista Networks by 13.3% during the fourth quarter. Blue Trust Inc. now owns 2,990 shares of the technology company’s stock valued at $330,000 after purchasing an additional 352 shares during the period. Bank Pictet & Cie Europe AG boosted its stake in shares of Arista Networks by 433.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock valued at $1,200,000 after purchasing an additional 8,822 shares during the period. Finally, Montag A & Associates Inc. grew its holdings in shares of Arista Networks by 300.1% in the fourth quarter. Montag A & Associates Inc. now owns 3,301 shares of the technology company’s stock worth $365,000 after purchasing an additional 2,476 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares of the company’s stock, valued at $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock valued at $9,360,205 over the last ninety days. 3.54% of the stock is currently owned by insiders.

Arista Networks Price Performance

Shares of ANET stock opened at $89.67 on Wednesday. The stock’s fifty day moving average price is $86.61 and its 200 day moving average price is $96.24. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The company has a market cap of $112.62 billion, a price-to-earnings ratio of 37.96, a price-to-earnings-growth ratio of 2.79 and a beta of 1.37.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the company earned $0.50 earnings per share. The company’s quarterly revenue was up 27.6% on a year-over-year basis. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Needham & Company LLC started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a “buy” rating on the stock. The Goldman Sachs Group dropped their price objective on Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Rosenblatt Securities lifted their target price on Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Evercore ISI lowered their price target on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average price target of $107.38.

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.