Arista Networks, Inc. (NYSE:ANET) Shares Sold by Cyndeo Wealth Partners LLC

Cyndeo Wealth Partners LLC cut its holdings in Arista Networks, Inc. (NYSE:ANET) by 5.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 2,859 shares of the technology company’s stock after selling 178 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Arista Networks were worth $222,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. DSG Capital Advisors LLC acquired a new stake in Arista Networks during the 4th quarter worth about $5,984,000. Ibex Wealth Advisors raised its holdings in Arista Networks by 14.4% during the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company’s stock worth $4,501,000 after buying an additional 7,329 shares during the period. GHE LLC raised its holdings in Arista Networks by 319.0% during the 4th quarter. GHE LLC now owns 28,368 shares of the technology company’s stock worth $3,136,000 after buying an additional 21,597 shares during the period. Colonial River Investments LLC raised its holdings in Arista Networks by 327.6% during the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock worth $1,077,000 after buying an additional 7,466 shares during the period. Finally, Unified Investment Management acquired a new stake in Arista Networks during the 4th quarter worth about $630,000. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. Citigroup boosted their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Morgan Stanley increased their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Rosenblatt Securities increased their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. BNP Paribas lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 11th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $107.38.

Arista Networks Stock Performance

Shares of ANET opened at $89.67 on Wednesday. The firm has a market cap of $112.62 billion, a PE ratio of 37.96, a PEG ratio of 2.79 and a beta of 1.37. The firm’s 50 day moving average price is $86.61 and its 200 day moving average price is $96.24. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for 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 30.48%. The company’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock worth $9,360,205 over the last 90 days. Insiders own 3.54% of the company’s stock.

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.