1900 Wealth Management LLC Decreases Holdings in Arista Networks, Inc. (NYSE:ANET)

1900 Wealth Management LLC trimmed its stake in Arista Networks, Inc. (NYSE:ANET) by 86.2% during the first quarter, Holdings Channel reports. The fund owned 1,050 shares of the technology company’s stock after selling 6,568 shares during the period. 1900 Wealth Management LLC’s holdings in Arista Networks were worth $304,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC raised its stake in Arista Networks by 32.2% in the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock valued at $1,897,906,000 after acquiring an additional 2,515,864 shares during the period. Norges Bank bought a new stake in shares of Arista Networks in the fourth quarter valued at approximately $586,051,000. Vanguard Group Inc. lifted its stake in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Arista Networks by 439.3% in the 3rd quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock worth $231,624,000 after buying an additional 1,025,815 shares during the period. Finally, International Assets Investment Management LLC grew its stake in Arista Networks by 25,188.0% in the 4th quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after buying an additional 611,312 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Down 0.2 %

Shares of ANET traded down $0.50 during midday trading on Wednesday, reaching $316.50. The stock had a trading volume of 1,657,464 shares, compared to its average volume of 2,513,242. The company has a market capitalization of $99.18 billion, a price-to-earnings ratio of 44.08, a price-to-earnings-growth ratio of 2.89 and a beta of 1.13. The company’s 50-day moving average is $286.42 and its 200 day moving average is $260.16. Arista Networks, Inc. has a 12-month low of $139.18 and a 12-month high of $329.04.

Arista Networks declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 7th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the technology company to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. increased their target price on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. KeyCorp raised their target price on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Barclays upped their price target on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. Evercore ISI increased their price target on shares of Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $295.22.

Insiders Place Their Bets

In related news, insider John F. Mccool sold 5,374 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $267.51, for a total transaction of $1,437,598.74. Following the transaction, the insider now owns 1,792 shares of the company’s stock, valued at approximately $479,377.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider John F. Mccool sold 584 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $281.60, for a total transaction of $164,454.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Mccool sold 5,374 shares of Arista Networks stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $267.51, for a total transaction of $1,437,598.74. Following the completion of the transaction, the insider now directly owns 1,792 shares in the company, valued at $479,377.92. The disclosure for this sale can be found here. Insiders sold a total of 400,210 shares of company stock valued at $116,875,362 over the last quarter. 3.54% of the stock is 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.