Arista Networks, Inc. (NYSE:ANET) Holdings Lessened by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its position in Arista Networks, Inc. (NYSE:ANET) by 27.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 210,733 shares of the technology company’s stock after selling 81,727 shares during the quarter. Arista Networks accounts for 1.3% of Wedge Capital Management L L P NC’s portfolio, making the stock its 3rd largest position. Wedge Capital Management L L P NC owned 0.07% of Arista Networks worth $73,858,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. purchased a new stake in Arista Networks during the 1st quarter worth approximately $26,000. Financial Synergies Wealth Advisors Inc. boosted its stake in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares during the last quarter. Rakuten Securities Inc. acquired a new position in Arista Networks during the 4th quarter worth $35,000. Sugarloaf Wealth Management LLC acquired a new position in Arista Networks during the 2nd quarter worth $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Arista Networks in the 2nd quarter worth about $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of Arista Networks stock traded up $7.91 during midday trading on Thursday, hitting $356.56. The company had a trading volume of 1,289,340 shares, compared to its average volume of 2,449,292. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $376.50. The business’s 50 day simple moving average is $337.14 and its two-hundred day simple moving average is $301.95. The stock has a market cap of $111.73 billion, a PE ratio of 49.66, a P/E/G ratio of 2.70 and a beta of 1.11.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm posted $1.41 EPS. The business’s revenue was up 15.9% compared to the same quarter last year. On average, sell-side analysts expect that Arista Networks, Inc. will post 7.29 EPS for the current fiscal year.

Arista Networks announced that its board has approved a stock buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding 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 usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ANET shares. Barclays upped their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Evercore ISI increased their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Morgan Stanley boosted their target price on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Bank of America upped their target price on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Finally, KeyCorp boosted their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $353.38.

Insider Activity at Arista Networks

In related news, insider John F. Mccool sold 1,291 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $315.81, for a total value of $407,710.71. Following the sale, the insider now owns 1,291 shares of the company’s stock, valued at $407,710.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total value of $70,543.82. Following the transaction, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider John F. Mccool sold 1,291 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $315.81, for a total transaction of $407,710.71. Following the sale, the insider now directly owns 1,291 shares of the company’s stock, valued at approximately $407,710.71. The disclosure for this sale can be found here. Insiders have sold 125,650 shares of company stock worth $42,919,845 over the last three months. Company insiders own 3.54% 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.