Park Place Capital Corp Sells 603 Shares of Arista Networks, Inc. (NYSE:ANET)

Park Place Capital Corp lessened its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 48.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 651 shares of the technology company’s stock after selling 603 shares during the period. Park Place Capital Corp’s holdings in Arista Networks were worth $189,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Kowal Investment Group LLC bought a new stake in shares of Arista Networks in the first quarter worth $236,000. Aviance Capital Partners LLC bought a new stake in shares of Arista Networks in the first quarter worth $290,000. Chapin Davis Inc. grew its stake in shares of Arista Networks by 8.0% in the first quarter. Chapin Davis Inc. now owns 14,739 shares of the technology company’s stock worth $4,274,000 after purchasing an additional 1,098 shares during the last quarter. WJ Wealth Management LLC bought a new stake in shares of Arista Networks in the first quarter worth $439,000. Finally, Strata Wealth Advisors LLC grew its stake in shares of Arista Networks by 23.7% in the first quarter. Strata Wealth Advisors LLC now owns 9,712 shares of the technology company’s stock worth $2,816,000 after purchasing an additional 1,863 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total value of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at approximately $555,477,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $940,922.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The disclosure for this sale can be found here. Insiders have sold 210,330 shares of company stock worth $65,582,187 in the last quarter. Insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Rosenblatt Securities reissued a “sell” rating and issued a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Wells Fargo & Company upped their price target on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Evercore ISI upped their price target on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Monday, May 20th. Citigroup upped their price target on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday. Finally, UBS Group upped their price target on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $311.50.

Arista Networks Trading Up 1.7 %

Shares of ANET traded up $6.13 on Monday, reaching $356.61. The company’s stock had a trading volume of 1,629,551 shares, compared to its average volume of 2,516,509. Arista Networks, Inc. has a twelve month low of $149.10 and a twelve month high of $357.57. The stock has a market capitalization of $111.75 billion, a PE ratio of 49.68, a PEG ratio of 3.09 and a beta of 1.11. The firm has a fifty day moving average of $303.42 and a 200-day moving average of $279.70.

Arista Networks (NYSE:ANET) last posted its 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. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. As a group, equities analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks declared that its board has authorized a share buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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.