Arista Networks, Inc. (NYSE:ANET) Shares Sold by Veracity Capital LLC

Veracity Capital LLC lowered its position in Arista Networks, Inc. (NYSE:ANET) by 13.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,172 shares of the technology company’s stock after selling 477 shares during the period. Veracity Capital LLC’s holdings in Arista Networks were worth $920,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares during the last quarter. Capital World Investors raised its stake in Arista Networks by 0.5% during the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC grew its stake in shares of Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after buying an additional 16,081 shares during the period. Norges Bank acquired a new stake in shares of Arista Networks during the 4th quarter worth approximately $586,051,000. Finally, Jennison Associates LLC increased its holdings in shares of Arista Networks by 0.8% during the 4th quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock worth $425,683,000 after buying an additional 14,627 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE:ANET traded up $8.41 on Thursday, hitting $365.42. 1,210,192 shares of the company’s stock were exchanged, compared to its average volume of 2,265,628. Arista Networks, Inc. has a 1-year low of $149.10 and a 1-year high of $365.42. The company has a market capitalization of $114.51 billion, a PE ratio of 50.89, a P/E/G ratio of 3.15 and a beta of 1.11. The firm’s 50-day moving average is $309.96 and its 200 day moving average is $282.02.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. On average, analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several research analysts recently weighed in on ANET shares. UBS Group increased their price objective on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Piper Sandler upped their target price on shares of Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Bank of America upped their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Barclays lifted their target price on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Finally, Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $311.50.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the sale, the chief executive officer now owns 1,595,800 shares in the company, valued at $569,700,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $352.93, for a total value of $705,860.00. Following the completion of the sale, the director now directly owns 52,946 shares of the company’s stock, valued at $18,686,231.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $357.00, for a total value of $8,925,000.00. Following the completion of the transaction, the chief executive officer now owns 1,595,800 shares in the company, valued at approximately $569,700,600. The disclosure for this sale can be found here. Insiders have sold 214,118 shares of company stock valued at $68,528,038 in the last ninety days. Insiders own 3.54% of the company’s stock.

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.