Arista Networks, Inc. (NYSE:ANET) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA decreased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 59.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 539,204 shares of the technology company’s stock after selling 790,448 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Arista Networks were worth $41,778,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in ANET. HighMark Wealth Management LLC lifted its position in Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company’s stock valued at $28,000 after purchasing an additional 230 shares during the last quarter. Quarry LP grew its holdings in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 206 shares during the last quarter. Dunhill Financial LLC grew its holdings in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after acquiring an additional 212 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Arista Networks in the 1st quarter valued at approximately $30,000. Finally, McIlrath & Eck LLC bought a new position in shares of Arista Networks during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ANET shares. Barclays decreased their target price on Arista Networks from $126.00 to $119.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Citigroup lifted their price target on Arista Networks from $112.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Wolfe Research initiated coverage on Arista Networks in a report on Tuesday, July 8th. They issued an “outperform” rating on the stock. The Goldman Sachs Group dropped their price objective on Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Finally, Piper Sandler reissued a “neutral” rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $111.40.

Arista Networks Stock Performance

NYSE ANET opened at $112.11 on Friday. The company has a market capitalization of $140.80 billion, a P/E ratio of 47.45, a P/E/G ratio of 3.16 and a beta of 1.40. The stock has a 50 day moving average price of $96.68 and a 200-day moving average price of $94.99. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period last year, the business earned $0.50 earnings per share. Arista Networks’s quarterly revenue was up 27.6% on a year-over-year basis. As a group, equities analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the senior vice president directly owned 12,976 shares of the company’s stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the transaction, the chief executive officer directly owned 30,000 shares of the company’s stock, valued at $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,123,370 shares of company stock worth $113,157,408. 3.39% of the stock is currently owned by insiders.

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.