Jackson Square Capital LLC Sells 14,755 Shares of Arista Networks, Inc. (NYSE:ANET)

Jackson Square Capital LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 15.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,157 shares of the technology company’s stock after selling 14,755 shares during the quarter. Arista Networks makes up about 2.0% of Jackson Square Capital LLC’s investment portfolio, making the stock its 16th largest holding. Jackson Square Capital LLC’s holdings in Arista Networks were worth $6,211,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ANET. Capital Advisors Ltd. LLC boosted its position in shares of Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 191 shares during the last quarter. Quarry LP grew its stake in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 206 shares in the last quarter. Dunhill Financial LLC grew its stake in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after buying an additional 212 shares in the last quarter. Tradewinds Capital Management LLC grew its stake in shares of Arista Networks by 300.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company’s stock worth $34,000 after buying an additional 234 shares in the last quarter. Finally, Hemington Wealth Management grew its stake in shares of Arista Networks by 409.7% in the 4th quarter. Hemington Wealth Management now owns 316 shares of the technology company’s stock worth $34,000 after buying an additional 254 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ANET has been the subject of a number of recent research reports. Piper Sandler reissued a “neutral” rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. KGI Securities cut shares of Arista Networks to a “neutral” rating in a research note on Wednesday, May 7th. Rosenblatt Securities lifted their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. BNP Paribas Exane cut shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price target for the company. in a research note on Wednesday. Finally, Needham & Company LLC started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a “buy” rating for the company. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $107.38.

Arista Networks Stock Performance

NYSE:ANET opened at $92.28 on Friday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The firm has a market cap of $115.89 billion, a P/E ratio of 41.57, a P/E/G ratio of 3.10 and a beta of 1.37. The firm has a 50-day simple moving average of $85.82 and a 200-day simple moving average of $96.39.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Arista Networks’s revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 EPS. On average, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has approved a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock worth $9,360,205 in the last 90 days. 3.39% of the stock is owned by corporate 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.