AlphaStar Capital Management LLC Sells 189 Shares of Arista Networks, Inc. (NYSE:ANET)

AlphaStar Capital Management LLC decreased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 14.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,137 shares of the technology company’s stock after selling 189 shares during the period. AlphaStar Capital Management LLC’s holdings in Arista Networks were worth $399,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Latitude Advisors LLC grew its stake in Arista Networks by 8.3% in the 2nd quarter. Latitude Advisors LLC now owns 892 shares of the technology company’s stock valued at $312,000 after buying an additional 68 shares during the last quarter. State of Michigan Retirement System lifted its position in shares of Arista Networks by 1.3% during the 2nd quarter. State of Michigan Retirement System now owns 101,889 shares of the technology company’s stock worth $35,710,000 after purchasing an additional 1,300 shares during the last quarter. Liontrust Investment Partners LLP lifted its position in shares of Arista Networks by 109.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 46,000 shares of the technology company’s stock worth $16,122,000 after purchasing an additional 24,000 shares during the last quarter. Catalyst Financial Partners LLC bought a new stake in Arista Networks during the 2nd quarter valued at approximately $290,000. Finally, Bristlecone Advisors LLC increased its position in Arista Networks by 7.8% in the 2nd quarter. Bristlecone Advisors LLC now owns 3,741 shares of the technology company’s stock worth $1,311,000 after buying an additional 270 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Up 0.2 %

Shares of ANET traded up $0.66 during mid-day trading on Tuesday, hitting $345.35. 413,431 shares of the company traded hands, compared to its average volume of 2,383,710. The business has a 50-day moving average of $343.47 and a 200 day moving average of $306.95. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The stock has a market capitalization of $108.22 billion, a price-to-earnings ratio of 47.98, a PEG ratio of 2.70 and a beta of 1.11.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period last year, the firm earned $1.41 EPS. As a group, analysts anticipate that Arista Networks, Inc. will post 7.29 earnings per share for the current year.

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

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 4,493 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $295.47, for a total transaction of $1,327,546.71. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Arista Networks news, SVP Marc Taxay sold 4,493 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $295.47, for a total value of $1,327,546.71. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John F. Mccool sold 584 shares of Arista Networks stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $300.40, for a total value of $175,433.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 126,704 shares of company stock worth $43,975,690. Insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Bank of America increased their price target 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. KeyCorp raised their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. UBS Group boosted their price objective on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and set a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. Finally, Piper Sandler increased their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $353.38.

About Arista Networks

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.