CX Institutional Has $588,000 Stake in Arista Networks, Inc. (NYSE:ANET)

CX Institutional trimmed its stake in Arista Networks, Inc. (NYSE:ANET) by 4.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,593 shares of the technology company’s stock after selling 344 shares during the period. CX Institutional’s holdings in Arista Networks were worth $588,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Advisors Ltd. LLC grew its holdings in Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 191 shares during the period. Quarry LP grew its holdings in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 206 shares during the period. 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 period. Hemington Wealth Management grew its holdings in Arista Networks by 409.7% during the 4th quarter. Hemington Wealth Management now owns 316 shares of the technology company’s stock worth $34,000 after acquiring an additional 254 shares during the period. Finally, Tradewinds Capital Management LLC grew its holdings in Arista Networks by 300.0% during the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company’s stock worth $34,000 after acquiring an additional 234 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $95.66 on Friday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The stock has a market cap of $120.14 billion, a price-to-earnings ratio of 43.09, a PEG ratio of 3.10 and a beta of 1.37. The firm’s 50-day simple moving average is $85.36 and its 200 day simple moving average is $96.45.

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 net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the firm earned $0.50 EPS. The firm’s revenue for the quarter was up 27.6% compared to the same quarter last year. On average, sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,690 shares of company stock worth $9,360,205. Insiders own 3.39% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Piper Sandler reiterated a “neutral” rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Evercore ISI cut their price objective on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. The Goldman Sachs Group cut their price objective on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Wedbush initiated coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set an “outperform” rating on the stock. Finally, BNP Paribas cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $107.38.

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.