Modera Wealth Management LLC Has $552,000 Holdings in Arista Networks, Inc. (NYSE:ANET)

Modera Wealth Management LLC cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 3.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,120 shares of the technology company’s stock after selling 255 shares during the period. Modera Wealth Management LLC’s holdings in Arista Networks were worth $552,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. DSG Capital Advisors LLC acquired a new position in shares of Arista Networks in the fourth quarter valued at about $5,984,000. Ibex Wealth Advisors grew its stake in Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company’s stock worth $4,501,000 after buying an additional 7,329 shares in the last quarter. Sowell Financial Services LLC acquired a new stake in Arista Networks during the first quarter worth about $629,000. Legal & General Group Plc grew its stake in Arista Networks by 227.7% during the fourth quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company’s stock worth $863,749,000 after buying an additional 5,429,857 shares in the last quarter. Finally, Bank of Montreal Can grew its stake in Arista Networks by 275.3% during the fourth quarter. Bank of Montreal Can now owns 1,490,700 shares of the technology company’s stock worth $164,767,000 after buying an additional 1,093,472 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ANET. Needham & Company LLC began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a “buy” rating on the stock. Wedbush began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set an “outperform” rating on the stock. The Goldman Sachs Group reduced their price objective on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. BNP Paribas Exane downgraded shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price target on the stock. in a research note on Wednesday, June 11th. Finally, KGI Securities downgraded shares of Arista Networks to a “neutral” rating in a research note on Wednesday, May 7th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Price Performance

Shares of NYSE ANET opened at $117.56 on Friday. The company has a 50 day simple moving average of $101.48 and a 200 day simple moving average of $95.12. The firm has a market cap of $147.65 billion, a PE ratio of 49.76, a price-to-earnings-growth ratio of 3.58 and a beta of 1.37. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.57.

Arista Networks (NYSE:ANET) last released its quarterly 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 last year, the business earned $0.50 EPS. The company’s revenue was up 27.6% compared to the same quarter last year. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has authorized a stock repurchase 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the firm’s stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the transaction, the chief executive officer owned 30,000 shares in the company, valued at approximately $3,072,900. This trade represents a 96.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks 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 sale, the senior vice president owned 12,976 shares of the company’s stock, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,635,562 shares of company stock valued at $291,955,743. Company insiders own 3.39% of the company’s stock.

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.