Commerce Bank Sells 2,255 Shares of Arista Networks, Inc. (NYSE:ANET)

Commerce Bank lowered its holdings in Arista Networks, Inc. (NYSE:ANET) by 4.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,779 shares of the technology company’s stock after selling 2,255 shares during the period. Commerce Bank’s holdings in Arista Networks were worth $14,725,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ANET. NBC Securities Inc. lifted its stake in Arista Networks by 21.5% in the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock valued at $62,000 after acquiring an additional 38 shares during the last quarter. Sandy Spring Bank grew its stake in Arista Networks by 33.6% in the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after buying an additional 39 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Arista Networks by 6.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock valued at $163,000 after buying an additional 39 shares during the last quarter. Fulton Breakefield Broenniman LLC boosted its holdings in Arista Networks by 1.8% in the 4th quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock valued at $531,000 after purchasing an additional 40 shares during the period. Finally, West Family Investments Inc. boosted its holdings in Arista Networks by 3.3% in the 4th quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock valued at $298,000 after purchasing an additional 40 shares during the period. 82.47% of the stock is owned by institutional investors.

Arista Networks Stock Performance

NYSE:ANET traded down $2.48 during trading hours on Wednesday, reaching $363.27. The company’s stock had a trading volume of 1,227,343 shares, compared to its average volume of 2,469,567. The firm has a 50-day simple moving average of $318.34 and a 200-day simple moving average of $286.02. Arista Networks, Inc. has a 1 year low of $149.10 and a 1 year high of $376.50. The firm has a market capitalization of $113.83 billion, a price-to-earnings ratio of 50.94, a PEG ratio of 3.28 and a beta of 1.11.

Arista Networks (NYSE:ANET) last released its quarterly earnings data 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. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. Equities analysts anticipate that Arista Networks, Inc. will post 7.05 earnings per share for the current fiscal year.

Arista Networks declared that its board has authorized a stock repurchase 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 typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $265,739.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, SVP Marc Taxay sold 1,044 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the completion of the transaction, the chief executive officer now owns 1,615,800 shares in the company, valued at approximately $512,208,600. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 190,076 shares of company stock valued at $61,514,479. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. Evercore ISI upped 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, May 20th. Barclays increased their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Citigroup increased their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Piper Sandler raised their price target on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Finally, Rosenblatt Securities reaffirmed a “sell” rating and issued a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $311.50.

Arista Networks Company 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.