Banque Pictet & Cie SA Sells 500 Shares of Arista Networks, Inc. (NYSE:ANET)

Banque Pictet & Cie SA lessened its position in Arista Networks, Inc. (NYSE:ANET) by 31.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,100 shares of the technology company’s stock after selling 500 shares during the period. Banque Pictet & Cie SA’s holdings in Arista Networks were worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Benjamin Edwards Inc. acquired a new stake in shares of Arista Networks during the 1st quarter valued at about $26,000. Beacon Capital Management LLC boosted its position in Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares in the last quarter. Financial Synergies Wealth Advisors Inc. boosted its position in Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares in the last quarter. Byrne Asset Management LLC acquired a new position in Arista Networks in the second quarter valued at about $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new position in Arista Networks in the second quarter valued at about $35,000. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 4,493 shares of the company’s stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $293.14, for a total transaction of $243,892.48. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,183,008.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 4,493 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $295.47, for a total transaction of $1,327,546.71. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 126,704 shares of company stock valued at $43,975,690. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on ANET shares. Jefferies Financial Group boosted their price target on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. Piper Sandler boosted their price target on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. KeyCorp upped their target price on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Bank of America upped their target price on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $353.38.

Arista Networks Stock Performance

NYSE:ANET traded up $2.96 during trading hours on Friday, hitting $355.13. The stock had a trading volume of 975,939 shares, compared to its average volume of 2,402,217. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The company has a market cap of $111.28 billion, a price-to-earnings ratio of 49.46, a P/E/G ratio of 2.70 and a beta of 1.11. The business’s 50 day moving average is $343.38 and its 200-day moving average is $306.19.

Arista Networks (NYSE:ANET) last issued 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. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the firm earned $1.41 earnings per share. The business’s quarterly revenue was up 15.9% on a year-over-year basis. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 7.29 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a stock buyback program on Tuesday, May 7th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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.