Symmetry Peak Management LLC Cuts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Symmetry Peak Management LLC lessened its stake in Arista Networks, Inc. (NYSE:ANET) by 84.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,000 shares of the technology company’s stock after selling 16,750 shares during the period. Symmetry Peak Management LLC’s holdings in Arista Networks were worth $707,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ANET. Vanguard Group Inc. lifted its holdings in shares of Arista Networks by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 27,898,836 shares of the technology company’s stock valued at $5,131,433,000 after buying an additional 84,212 shares during the period. FMR LLC boosted its position in shares of Arista Networks by 32.2% during the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock valued at $1,897,906,000 after buying an additional 2,515,864 shares during the period. Capital World Investors boosted its position in shares of Arista Networks by 0.5% during the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after buying an additional 55,312 shares during the period. WCM Investment Management LLC boosted its position in shares of Arista Networks by 0.5% during the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after buying an additional 16,081 shares during the period. Finally, Norges Bank bought a new stake in shares of Arista Networks during the fourth quarter valued at approximately $586,051,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Up 2.0 %

NYSE:ANET traded up $5.83 during midday trading on Tuesday, hitting $303.41. 1,020,465 shares of the company were exchanged, compared to its average volume of 2,486,583. Arista Networks, Inc. has a fifty-two week low of $148.32 and a fifty-two week high of $329.04. The company has a market capitalization of $95.08 billion, a PE ratio of 42.21, a price-to-earnings-growth ratio of 2.69 and a beta of 1.08. The company has a fifty day simple moving average of $288.26 and a 200 day simple moving average of $268.49.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. As a group, equities research analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current year.

Arista Networks declared that its Board of Directors has initiated 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 usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have issued reports on ANET. Rosenblatt Securities reaffirmed a “sell” rating and issued a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and upped their price target for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. UBS Group increased their price objective on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Oppenheimer reissued a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. Finally, JMP Securities reissued a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a research note on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $295.22.

Insider Activity

In other news, CEO Jayshree Ullal sold 87,418 shares of Arista Networks stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $278.81, for a total value of $24,373,012.58. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related 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 transaction of $70,543.82. Following the sale, the director now owns 2,976 shares of the company’s stock, valued at $941,427.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 87,418 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,929,639.61. The disclosure for this sale can be found here. Insiders have sold a total of 387,368 shares of company stock valued at $114,345,043 over the last quarter. Corporate insiders own 3.54% of the company’s stock.

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.