Franklin Resources Inc. Cuts Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Franklin Resources Inc. lowered its stake in shares of Arista Networks, Inc. (NYSE:ANETFree Report) by 14.8% during the fourth quarter, Holdings Channel reports. The fund owned 772,015 shares of the technology company’s stock after selling 134,146 shares during the period. Franklin Resources Inc.’s holdings in Arista Networks were worth $181,817,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of ANET. Larson Financial Group LLC acquired a new position in shares of Arista Networks during the third quarter worth $28,000. First Command Advisory Services Inc. acquired a new position in shares of Arista Networks during the third quarter worth $29,000. NBC Securities Inc. acquired a new position in Arista Networks in the third quarter valued at $33,000. Atticus Wealth Management LLC boosted its stake in Arista Networks by 3,625.0% in the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after acquiring an additional 145 shares in the last quarter. Finally, Rakuten Securities Inc. acquired a new position in Arista Networks in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In related news, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $265,739.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $265,739.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 14,416 shares of Arista Networks stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the transaction, the senior vice president now owns 252,382 shares in the company, valued at approximately $82,284,103.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 394,836 shares of company stock valued at $115,437,764. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Trading Down 1.5 %

Shares of Arista Networks stock opened at $311.70 on Thursday. Arista Networks, Inc. has a 12-month low of $139.18 and a 12-month high of $329.04. The stock has a market cap of $97.67 billion, a PE ratio of 44.08, a price-to-earnings-growth ratio of 2.87 and a beta of 1.13. The company has a 50-day moving average of $286.42 and a two-hundred day moving average of $260.16.

Arista Networks declared that its Board of Directors has approved a share repurchase program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ANET shares. The Goldman Sachs Group upped their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Barclays upped their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. Piper Sandler upped their price objective on shares of Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. KeyCorp upped their price objective on shares of Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Finally, Wells Fargo & Company upped their price objective on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $295.22.

Get Our Latest Stock Analysis on Arista Networks

Arista Networks Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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