E Fund Management Co. Ltd. Sells 146 Shares of Arista Networks, Inc. (NYSE:ANET)

E Fund Management Co. Ltd. lowered its position in Arista Networks, Inc. (NYSE:ANET) by 6.4% during the fourth quarter, Holdings Channel reports. The firm owned 2,131 shares of the technology company’s stock after selling 146 shares during the period. E Fund Management Co. Ltd.’s holdings in Arista Networks were worth $502,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ANET. Raymond James Financial Services Advisors Inc. lifted its position in shares of Arista Networks by 16.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 21,642 shares of the technology company’s stock worth $3,981,000 after purchasing an additional 3,005 shares during the period. Chicago Partners Investment Group LLC lifted its position in shares of Arista Networks by 4.3% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,532 shares of the technology company’s stock worth $472,000 after purchasing an additional 104 shares during the period. Advisor Partners II LLC lifted its position in shares of Arista Networks by 1.2% in the 3rd quarter. Advisor Partners II LLC now owns 10,265 shares of the technology company’s stock worth $1,888,000 after purchasing an additional 118 shares during the period. Graypoint LLC lifted its position in shares of Arista Networks by 6.6% during the 3rd quarter. Graypoint LLC now owns 1,485 shares of the technology company’s stock valued at $273,000 after acquiring an additional 92 shares during the period. Finally, TIAA Trust National Association acquired a new position in shares of Arista Networks during the 3rd quarter valued at $13,406,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE ANET traded up $17.68 during trading on Wednesday, hitting $291.67. The stock had a trading volume of 7,610,751 shares, compared to its average volume of 2,527,119. Arista Networks, Inc. has a 12 month low of $133.42 and a 12 month high of $307.74. The company has a market capitalization of $91.19 billion, a PE ratio of 44.39, a PEG ratio of 2.33 and a beta of 1.13. The firm has a fifty day moving average of $279.22 and a two-hundred day moving average of $251.25.

Arista Networks (NYSE:ANET) last posted its earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.38. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business’s revenue was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.25 EPS. On average, equities analysts expect that Arista Networks, Inc. will post 6.74 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a share repurchase program on Tuesday, May 7th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the technology company to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ANET shares. JPMorgan Chase & Co. boosted their target price on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Piper Sandler boosted their target price on shares of Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research report on Wednesday. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and upped their price objective for the stock from $240.00 to $320.00 in a report on Friday, May 3rd. Finally, Oppenheimer restated a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $292.50.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 1,500 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total transaction of $388,155.00. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $4,575,312.37. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Kelly Bodnar Battles sold 278 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $265.81, for a total transaction of $73,895.18. Following the completion of the transaction, the director now owns 2,553 shares in the company, valued at $678,612.93. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 1,500 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total transaction of $388,155.00. Following the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $4,575,312.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 337,054 shares of company stock worth $96,529,086. 3.54% of the stock is owned by company 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.