Montecito Bank & Trust Cuts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Montecito Bank & Trust trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET) by 15.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,170 shares of the technology company’s stock after selling 1,161 shares during the quarter. Montecito Bank & Trust’s holdings in Arista Networks were worth $478,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. DSG Capital Advisors LLC purchased a new position in Arista Networks in the fourth quarter worth $5,984,000. Ibex Wealth Advisors grew its stake in shares of Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company’s stock worth $4,501,000 after acquiring an additional 7,329 shares during the last quarter. GHE LLC increased its holdings in shares of Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after acquiring an additional 21,597 shares in the last quarter. Colonial River Investments LLC grew its position in Arista Networks by 327.6% during the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock worth $1,077,000 after purchasing an additional 7,466 shares during the last quarter. Finally, Unified Investment Management acquired a new position in Arista Networks during the 4th quarter valued at approximately $630,000. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of research analyst reports. BNP Paribas lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 11th. Citigroup increased their price objective on Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. BNP Paribas Exane lowered Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 target price on the stock. in a research report on Wednesday, June 11th. Finally, The Goldman Sachs Group reduced their price target on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.38.

Arista Networks Stock Up 2.8%

NYSE:ANET opened at $94.97 on Tuesday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock’s 50-day moving average price is $86.33 and its 200-day moving average price is $96.28. The stock has a market capitalization of $119.28 billion, a PE ratio of 42.78, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Arista Networks’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same period last year, the company earned $0.50 earnings per share. Sell-side analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the transaction, the director now owns 139,784 shares in the company, valued at $10,840,249.20. The trade was a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 over the last ninety days. Corporate insiders own 3.39% of the company’s stock.

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.