Eagle Ridge Investment Management Has $427,000 Stake in Arista Networks, Inc. (NYSE:ANET)

Eagle Ridge Investment Management reduced its holdings in Arista Networks, Inc. (NYSE:ANET) by 18.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,472 shares of the technology company’s stock after selling 340 shares during the quarter. Eagle Ridge Investment Management’s holdings in Arista Networks were worth $427,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Arista Networks by 5.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 430,922 shares of the technology company’s stock valued at $124,959,000 after buying an additional 21,826 shares during the last quarter. Kowal Investment Group LLC acquired a new stake in Arista Networks in the first quarter valued at $236,000. Aviance Capital Partners LLC bought a new position in shares of Arista Networks in the 1st quarter valued at about $290,000. Chapin Davis Inc. increased its stake in shares of Arista Networks by 8.0% during the 1st quarter. Chapin Davis Inc. now owns 14,739 shares of the technology company’s stock worth $4,274,000 after purchasing an additional 1,098 shares during the last quarter. Finally, WJ Wealth Management LLC bought a new stake in shares of Arista Networks in the 1st quarter valued at about $439,000. 82.47% of the stock is owned by institutional investors.

Arista Networks Stock Up 0.0 %

Shares of NYSE:ANET traded up $0.16 during trading on Tuesday, reaching $356.86. 1,577,828 shares of the company traded hands, compared to its average volume of 2,509,138. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $363.28. The firm has a market capitalization of $111.83 billion, a PE ratio of 49.71, a PEG ratio of 3.09 and a beta of 1.11. The company’s 50 day moving average is $305.64 and its two-hundred day moving average is $280.58.

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

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $255.83, for a total value of $511,660.00. Following the sale, the director now owns 56,946 shares of the company’s stock, valued at approximately $14,568,495.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the sale, the chief executive officer now directly owns 1,615,800 shares of the company’s stock, valued at $512,208,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $255.83, for a total value of $511,660.00. Following the sale, the director now owns 56,946 shares in the company, valued at $14,568,495.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 210,330 shares of company stock valued at $65,582,187. Company insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and boosted their price target for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. Wells Fargo & Company boosted their target price on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. KeyCorp raised their price target on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Bank of America upped their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Finally, Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $311.50.

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.