Terra Nova Asset Management LLC Has $254,000 Stake in Arista Networks, Inc. (NYSE:ANET)

Terra Nova Asset Management LLC lowered its position in Arista Networks, Inc. (NYSE:ANET) by 49.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 3,280 shares of the technology company’s stock after selling 3,200 shares during the period. Terra Nova Asset Management LLC’s holdings in Arista Networks were worth $254,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Generate Investment Management Ltd acquired a new position in shares of Arista Networks in the 1st quarter worth approximately $11,617,000. HBK Sorce Advisory LLC lifted its position in shares of Arista Networks by 16.2% during the 1st quarter. HBK Sorce Advisory LLC now owns 23,046 shares of the technology company’s stock valued at $1,786,000 after acquiring an additional 3,213 shares during the period. Golden State Wealth Management LLC lifted its position in shares of Arista Networks by 1,275.6% during the 1st quarter. Golden State Wealth Management LLC now owns 9,794 shares of the technology company’s stock valued at $759,000 after acquiring an additional 9,082 shares during the period. waypoint wealth counsel acquired a new position in shares of Arista Networks during the 1st quarter valued at $264,000. Finally, Golden State Equity Partners lifted its position in shares of Arista Networks by 24.2% during the 1st quarter. Golden State Equity Partners now owns 2,849 shares of the technology company’s stock valued at $221,000 after acquiring an additional 556 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Trading Up 1.4%

Shares of ANET stock opened at $96.29 on Thursday. The firm has a market capitalization of $120.93 billion, a PE ratio of 40.76, a price-to-earnings-growth ratio of 2.79 and a beta of 1.37. The firm has a fifty day simple moving average of $88.81 and a two-hundred day simple moving average of $95.73. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58.

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

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ANET. KeyCorp upgraded shares of Arista Networks to a “strong-buy” rating in a research report on Wednesday. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating and a $112.00 target price on the stock. Finally, BNP Paribas Exane downgraded 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 analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average price target of $108.87.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 26,000 shares of the company’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total value of $2,397,980.00. Following the completion of the sale, the senior vice president now owns 592,400 shares in the company, valued at $54,637,052. This represents a 4.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now 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 position. The disclosure for this sale can be found here. Insiders sold a total of 161,690 shares of company stock worth $14,525,085 in the last quarter. 3.39% of the stock is currently owned by corporate insiders.

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.