Arista Networks, Inc. (NYSE:ANET) Shares Sold by Summit Global Investments

Summit Global Investments lowered its position in shares of Arista Networks, Inc. (NYSE:ANET) by 8.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,737 shares of the technology company’s stock after selling 1,304 shares during the period. Summit Global Investments’ holdings in Arista Networks were worth $4,814,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FCG Investment Co increased its position in Arista Networks by 2.3% in the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after acquiring an additional 29 shares during the period. Old Port Advisors increased its position in Arista Networks by 3.5% in the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after acquiring an additional 32 shares during the period. Fortitude Family Office LLC increased its position in Arista Networks by 33.3% in the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock valued at $46,000 after acquiring an additional 33 shares during the period. NBC Securities Inc. increased its position in Arista Networks by 21.5% in the 1st 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 period. Finally, EverSource Wealth Advisors LLC increased its position 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 acquiring an additional 39 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $294.40, for a total transaction of $588,800.00. Following the transaction, the director now owns 54,946 shares in the company, valued at $16,176,102.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $294.40, for a total transaction of $588,800.00. Following the completion of the sale, the director now owns 54,946 shares of the company’s stock, valued at approximately $16,176,102.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 17,759 shares of Arista Networks stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $319.15, for a total transaction of $5,667,784.85. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $5,642,891.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 124,136 shares of company stock worth $42,441,591. 3.54% of the stock is owned by company insiders.

Arista Networks Price Performance

NYSE ANET traded up $1.67 during trading hours on Tuesday, hitting $353.73. The company had a trading volume of 1,082,585 shares, compared to its average volume of 2,426,748. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50. The company has a market capitalization of $110.85 billion, a price-to-earnings ratio of 49.27, a P/E/G ratio of 2.70 and a beta of 1.11. The firm’s 50 day moving average is $341.54 and its 200 day moving average is $304.64.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the prior year, the company posted $1.41 EPS. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts anticipate that Arista Networks, Inc. will post 7.29 EPS for the current year.

Arista Networks declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Barclays boosted their target price on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Piper Sandler boosted their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Citigroup boosted their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Wells Fargo & Company boosted their target price on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $353.38.

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.