Darden Wealth Group Inc Reduces Holdings in Arista Networks, Inc. (NYSE:ANET)

Darden Wealth Group Inc lowered its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,895 shares of the technology company’s stock after selling 1,694 shares during the period. Arista Networks accounts for 1.2% of Darden Wealth Group Inc’s investment portfolio, making the stock its 17th largest holding. Darden Wealth Group Inc’s holdings in Arista Networks were worth $1,541,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Brighton Jones LLC lifted its stake in shares of Arista Networks by 321.7% in the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after purchasing an additional 5,955 shares during the period. Revolve Wealth Partners LLC purchased a new stake in Arista Networks in the fourth quarter valued at approximately $202,000. Bank Pictet & Cie Europe AG grew its holdings in Arista Networks by 433.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock valued at $1,200,000 after purchasing an additional 8,822 shares during the period. Proficio Capital Partners LLC grew its holdings in Arista Networks by 634.3% in the fourth quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company’s stock valued at $515,000 after purchasing an additional 4,028 shares during the period. Finally, Harbour Investments Inc. grew its stake in Arista Networks by 432.3% during the fourth quarter. Harbour Investments Inc. now owns 1,485 shares of the technology company’s stock worth $164,000 after buying an additional 1,206 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling

In other Arista Networks news, 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 transaction of $76,663,118.92. Following the transaction, the chief executive officer owned 30,000 shares in the company, valued at $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director owned 123,784 shares in the company, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,123,370 shares of company stock worth $113,157,408. Insiders own 3.39% of the company’s stock.

Arista Networks Stock Up 0.3%

Shares of ANET traded up $0.32 during trading hours on Friday, reaching $112.30. The company’s stock had a trading volume of 800,956 shares, compared to its average volume of 10,662,023. The firm has a market cap of $141.03 billion, a price-to-earnings ratio of 47.54, a P/E/G ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.57. The company has a 50 day moving average of $96.68 and a two-hundred day moving average of $94.99.

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

Arista Networks announced that its board has authorized a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

ANET has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday. Piper Sandler reaffirmed a “neutral” rating and issued a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Wedbush assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set an “outperform” rating for the company. Morgan Stanley boosted their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. Finally, Evercore ISI upped their price target on shares of Arista Networks from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, June 23rd. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $111.40.

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.