AXS Investments LLC Lowers Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

AXS Investments LLC trimmed its stake in shares of Arista Networks, Inc. (NYSE:ANETFree Report) by 15.6% in the fourth quarter, Holdings Channel reports. The fund owned 9,186 shares of the technology company’s stock after selling 1,696 shares during the period. AXS Investments LLC’s holdings in Arista Networks were worth $2,163,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FineMark National Bank & Trust raised its position in Arista Networks by 0.7% during the 4th quarter. FineMark National Bank & Trust now owns 6,236 shares of the technology company’s stock worth $1,469,000 after buying an additional 43 shares during the last quarter. Hohimer Wealth Management LLC boosted its holdings in Arista Networks by 0.6% in the 4th quarter. Hohimer Wealth Management LLC now owns 6,700 shares of the technology company’s stock valued at $1,578,000 after purchasing an additional 43 shares in the last quarter. US Bancorp DE raised its stake in shares of Arista Networks by 6.3% during the 4th quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock worth $10,082,000 after buying an additional 2,535 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Arista Networks by 16.9% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 48,609 shares of the technology company’s stock valued at $11,448,000 after buying an additional 7,040 shares during the period. Finally, Allstate Corp acquired a new position in Arista Networks during the fourth quarter worth $201,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

NYSE ANET traded down $15.08 during trading hours on Thursday, hitting $301.42. The company had a trading volume of 6,620,303 shares, compared to its average volume of 2,548,382. The firm’s 50 day moving average is $286.42 and its 200 day moving average is $260.16. The company has a market capitalization of $94.45 billion, a price-to-earnings ratio of 41.95, a P/E/G ratio of 2.87 and a beta of 1.13. Arista Networks, Inc. has a fifty-two week low of $139.18 and a fifty-two week high of $329.04.

Arista Networks declared that its board has initiated a share buyback program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity at Arista Networks

In other news, SVP Marc Taxay sold 11,650 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $286.28, for a total value of $3,335,162.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Arista Networks news, SVP Marc Taxay sold 11,650 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $286.28, for a total value of $3,335,162.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John F. Mccool sold 584 shares of Arista Networks stock in a transaction on Friday, March 1st. The stock was sold at an average price of $281.60, for a total transaction of $164,454.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 394,836 shares of company stock worth $115,437,764. 3.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ANET. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Arista Networks in a report on Wednesday, May 8th. UBS Group boosted their price target on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. KeyCorp raised their price objective on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Barclays upped their target price on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Finally, The Goldman Sachs Group lifted their price target on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $295.22.

Read Our Latest Analysis on Arista Networks

Arista Networks Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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