Thoroughbred Financial Services LLC Sells 1,383 Shares of Arista Networks, Inc. (NYSE:ANET)

Thoroughbred Financial Services LLC lowered its position in Arista Networks, Inc. (NYSE:ANET) by 31.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,075 shares of the technology company’s stock after selling 1,383 shares during the period. Thoroughbred Financial Services LLC’s holdings in Arista Networks were worth $891,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ANET. NBC Securities Inc. lifted its holdings in shares of Arista Networks by 21.5% in the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock valued at $62,000 after purchasing an additional 38 shares in the last quarter. Sandy Spring Bank lifted its holdings in Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after acquiring an additional 39 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Arista Networks by 6.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock worth $163,000 after acquiring an additional 39 shares during the period. Fulton Breakefield Broenniman LLC lifted its holdings in Arista Networks by 1.8% during the fourth quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock worth $531,000 after acquiring an additional 40 shares during the period. Finally, West Family Investments Inc. lifted its holdings in Arista Networks by 3.3% during the fourth quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock worth $298,000 after acquiring an additional 40 shares during the period. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on ANET shares. KeyCorp lifted their price target on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Morgan Stanley lifted their price target on Arista Networks from $300.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, June 12th. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and lifted their price target for the stock from $240.00 to $320.00 in a report on Friday, May 3rd. UBS Group raised their target price on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Finally, Bank of America raised their target price on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $317.22.

Arista Networks Trading Up 0.4 %

Shares of ANET traded up $1.35 during midday trading on Tuesday, reaching $361.77. The stock had a trading volume of 599,688 shares, compared to its average volume of 2,441,002. The company’s 50-day moving average is $325.84 and its 200 day moving average is $289.51. Arista Networks, Inc. has a 12-month low of $149.10 and a 12-month high of $376.50. The company has a market capitalization of $113.36 billion, a price-to-earnings ratio of 50.04, a price-to-earnings-growth ratio of 3.20 and a beta of 1.11.

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

Arista Networks declared that its board has authorized a stock buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Arista Networks

In related news, SVP Marc Taxay sold 1,044 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $265,739.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jayshree Ullal sold 1,500 shares of Arista Networks stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total transaction of $388,155.00. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $4,575,312.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The disclosure for this sale can be found here. Insiders sold 210,076 shares of company stock worth $68,928,479 in the last ninety days. 3.54% of the stock is owned by company insiders.

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.