JT Stratford LLC Has $1.71 Million Stock Position in Arista Networks, Inc. $ANET

JT Stratford LLC lowered its stake in Arista Networks, Inc. (NYSE:ANET) by 7.4% during the first quarter, HoldingsChannel.com reports. The firm owned 22,104 shares of the technology company’s stock after selling 1,779 shares during the period. JT Stratford LLC’s holdings in Arista Networks were worth $1,713,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the stock. BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Arista Networks by 17.3% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 272,486 shares of the technology company’s stock valued at $21,112,000 after purchasing an additional 40,117 shares during the period. Colonial Trust Advisors acquired a new stake in Arista Networks during the 1st quarter worth $72,000. Bank OZK raised its stake in Arista Networks by 9.9% during the 1st quarter. Bank OZK now owns 38,566 shares of the technology company’s stock worth $2,988,000 after buying an additional 3,485 shares during the period. Financial Advisors Network Inc. raised its stake in Arista Networks by 25.6% during the 1st quarter. Financial Advisors Network Inc. now owns 2,838 shares of the technology company’s stock worth $220,000 after buying an additional 578 shares during the period. Finally, Giverny Capital Inc. raised its stake in Arista Networks by 13.7% during the 1st quarter. Giverny Capital Inc. now owns 466,528 shares of the technology company’s stock worth $36,147,000 after buying an additional 56,100 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 1,785,165 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $136.22, for a total value of $243,175,176.30. Following the completion of the transaction, the chief executive officer owned 5,698,074 shares in the company, valued at $776,191,640.28. This trade represents a 23.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 5,767,742 shares of company stock valued at $714,048,068. 3.39% of the stock is owned by company insiders.

Arista Networks Price Performance

Shares of NYSE ANET opened at $137.99 on Tuesday. The stock has a market capitalization of $173.43 billion, a price-to-earnings ratio of 54.27, a PEG ratio of 3.23 and a beta of 1.37. The business has a 50-day moving average of $110.80 and a 200-day moving average of $96.15. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $141.99.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.08. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%. Arista Networks’s revenue for the quarter was up 30.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.53 EPS. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has approved a share repurchase program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

ANET has been the topic of several research analyst reports. KeyCorp raised their price objective on Arista Networks from $115.00 to $145.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 6th. Evercore ISI set a $150.00 price objective on Arista Networks and gave the stock an “outperform” rating in a research note on Wednesday, August 6th. The Goldman Sachs Group raised their price objective on Arista Networks from $115.00 to $155.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. BNP Paribas Exane downgraded Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price objective on the stock. in a research note on Wednesday, June 11th. Finally, JPMorgan Chase & Co. raised their price objective on Arista Networks from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 6th. Six research 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $138.07.

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.