Adams Diversified Equity Fund Inc. Sells 33,100 Shares of Arista Networks, Inc. (NYSE:ANET)

Adams Diversified Equity Fund Inc. decreased its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 13.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 213,664 shares of the technology company’s stock after selling 33,100 shares during the quarter. Adams Diversified Equity Fund Inc.’s holdings in Arista Networks were worth $16,555,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ANET. Brighton Jones LLC increased its holdings 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 purchasing an additional 5,955 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Arista Networks during the 4th quarter worth about $202,000. Bank Pictet & Cie Europe AG increased its holdings in shares of Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock worth $1,200,000 after purchasing an additional 8,822 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Arista Networks by 300.2% during the 4th quarter. First Horizon Advisors Inc. now owns 3,854 shares of the technology company’s stock worth $426,000 after purchasing an additional 2,891 shares during the period. Finally, Wealthspire Advisors LLC increased its holdings in shares of Arista Networks by 183.5% during the 4th quarter. Wealthspire Advisors LLC now owns 13,224 shares of the technology company’s stock worth $1,462,000 after purchasing an additional 8,560 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $88.58, for a total value of $708,640.00. Following the transaction, the director now directly owns 131,784 shares in the company, valued at $11,673,426.72. The trade was a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total transaction of $2,766,900.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,196,776.48. The trade was a 69.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 161,690 shares of company stock worth $14,525,085 over the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Needham & Company LLC started coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating on the stock. Rosenblatt Securities lifted their target price on shares of Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Morgan Stanley lifted their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. Finally, BNP Paribas Exane lowered shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 target price on the stock. in a research report on Wednesday, June 11th. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $108.87.

Arista Networks Stock Up 3.3%

NYSE:ANET opened at $95.02 on Wednesday. The firm has a market cap of $119.34 billion, a PE ratio of 40.22, a price-to-earnings-growth ratio of 2.70 and a beta of 1.37. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The company’s 50-day moving average price is $88.32 and its two-hundred day moving average price is $95.73.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 earnings per share. On average, research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Arista Networks 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.