WBI Investments LLC Has $326,000 Stake in Arista Networks, Inc. (NYSE:ANET)

WBI Investments LLC cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 8.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,123 shares of the technology company’s stock after selling 98 shares during the quarter. WBI Investments LLC’s holdings in Arista Networks were worth $326,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Benjamin Edwards Inc. acquired a new position in Arista Networks in the first quarter worth $26,000. Financial Synergies Wealth Advisors Inc. lifted its position in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after buying an additional 96 shares in the last quarter. Alaska Permanent Fund Corp bought a new stake in Arista Networks during the 1st quarter worth about $37,000. Riverview Trust Co acquired a new stake in Arista Networks in the 1st quarter valued at about $40,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Arista Networks in the first quarter worth about $42,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling

In other news, SVP Marc Taxay sold 1,044 shares of the business’s 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Marc Taxay sold 1,044 shares of the company’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 value of $265,739.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 210,076 shares of company stock worth $68,928,479. 3.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ANET. Citigroup raised their price target on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. The Goldman Sachs Group upped their price target on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Bank of America boosted their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Rosenblatt Securities reaffirmed a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research note on Friday, April 12th. Finally, UBS Group boosted their price target on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $311.50.

Arista Networks Price Performance

Shares of Arista Networks stock traded down $4.25 on Thursday, hitting $359.50. The company had a trading volume of 1,328,616 shares, compared to its average volume of 2,469,014. Arista Networks, Inc. has a twelve month low of $149.10 and a twelve month high of $376.50. The stock has a 50-day moving average of $320.51 and a 200-day moving average of $286.57. The firm has a market capitalization of $112.65 billion, a P/E ratio of 50.02, a P/E/G ratio of 3.28 and a beta of 1.11.

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

Arista Networks announced that its Board of Directors has approved a share repurchase plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Arista Networks Company 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.