Arista Networks, Inc. (NYSE:ANET) Shares Sold by Fiduciary Trust Co

Fiduciary Trust Co reduced its stake in Arista Networks, Inc. (NYSE:ANETFree Report) by 2.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 32,360 shares of the technology company’s stock after selling 868 shares during the quarter. Fiduciary Trust Co’s holdings in Arista Networks were worth $7,621,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Sandy Spring Bank increased its stake in Arista Networks by 33.6% during the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after buying an additional 39 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Arista Networks by 6.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock worth $163,000 after buying an additional 39 shares in the last quarter. Fulton Breakefield Broenniman LLC increased its stake in shares of Arista Networks by 1.8% during the fourth quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock worth $531,000 after buying an additional 40 shares during the period. West Family Investments Inc. raised its holdings in Arista Networks by 3.3% in the fourth quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock valued at $298,000 after acquiring an additional 40 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in Arista Networks by 2.3% in the fourth quarter. Venturi Wealth Management LLC now owns 1,839 shares of the technology company’s stock worth $433,000 after acquiring an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 87,418 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $278.81, for a total value of $24,373,012.58. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $4,929,639.61. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Kenneth Duda sold 14,416 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $326.03, for a total value of $4,700,048.48. Following the transaction, the senior vice president now directly owns 252,382 shares in the company, valued at approximately $82,284,103.46. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 87,418 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now owns 17,681 shares in the company, valued at approximately $4,929,639.61. The disclosure for this sale can be found here. Insiders have sold 414,109 shares of company stock worth $121,583,803 in the last quarter. 3.54% of the stock is owned by corporate insiders.

Arista Networks Trading Up 0.3 %

Shares of ANET traded up $0.82 during midday trading on Wednesday, reaching $308.31. 2,230,836 shares of the company were exchanged, compared to its average volume of 2,540,365. Arista Networks, Inc. has a 1-year low of $148.32 and a 1-year high of $329.04. The stock has a 50-day moving average price of $288.10 and a 200-day moving average price of $263.17. The company has a market cap of $96.61 billion, a price-to-earnings ratio of 43.02, a P/E/G ratio of 2.77 and a beta of 1.13.

Arista Networks (NYSE:ANETGet Free Report) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.24. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. Equities research analysts anticipate that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

Arista Networks announced that its board has approved a share repurchase program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ANET. UBS Group raised their price objective on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. increased their price target on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. KeyCorp increased their target price on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Finally, Wells Fargo & Company upped their price objective on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $295.22.

Get Our Latest Research Report on ANET

About Arista Networks

(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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