Arista Networks, Inc. (NYSE:ANET) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. decreased its position in Arista Networks, Inc. (NYSE:ANET) by 21.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,762 shares of the technology company’s stock after selling 13,594 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Arista Networks were worth $3,778,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Weaver Capital Management LLC boosted its holdings in Arista Networks by 0.8% during the 1st quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company’s stock valued at $1,662,000 after acquiring an additional 162 shares during the period. First American Bank lifted its position in shares of Arista Networks by 1.1% during the first quarter. First American Bank now owns 14,478 shares of the technology company’s stock worth $1,122,000 after purchasing an additional 164 shares in the last quarter. ORG Partners LLC lifted its position in shares of Arista Networks by 43.8% during the first quarter. ORG Partners LLC now owns 575 shares of the technology company’s stock worth $45,000 after purchasing an additional 175 shares in the last quarter. RMR Wealth Builders boosted its stake in shares of Arista Networks by 0.6% in the first quarter. RMR Wealth Builders now owns 30,642 shares of the technology company’s stock valued at $2,374,000 after purchasing an additional 180 shares during the period. Finally, Fragasso Financial Advisors Inc boosted its stake in shares of Arista Networks by 4.4% in the first quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company’s stock valued at $360,000 after purchasing an additional 196 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 $96.29 on Thursday. The stock’s 50-day simple moving average is $88.81 and its 200-day simple moving average is $95.73. The firm has a market capitalization of $120.93 billion, a PE ratio of 40.76, a price-to-earnings-growth ratio of 2.79 and a beta of 1.37. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the company earned $0.50 earnings per share. The firm’s revenue for the quarter was up 27.6% on a year-over-year basis. On average, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has authorized a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

ANET has been the topic of several recent research reports. Barclays cut their target price on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating on the stock. Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Wedbush started coverage on Arista Networks in a research note on Wednesday, May 28th. They set an “outperform” rating for the company. Finally, Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.87.

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the company’s stock in a transaction dated Tuesday, April 22nd. The stock was 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 directly owns 7,480 shares of the company’s stock, valued at $512,305.20. This represents a 16.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now owns 139,784 shares in the company, valued at $10,840,249.20. This represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock worth $14,525,085 in the last ninety days. 3.39% of the stock is owned by corporate insiders.

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.