Veracity Capital LLC Sells 477 Shares of Arista Networks, Inc. (NYSE:ANET)

Veracity Capital LLC lowered its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 13.1% during the first quarter, Holdings Channel reports. The firm owned 3,172 shares of the technology company’s stock after selling 477 shares during the period. Veracity Capital LLC’s holdings in Arista Networks were worth $920,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ANET. Financial Synergies Wealth Advisors Inc. boosted its stake in shares of 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 acquiring an additional 96 shares in the last quarter. Alaska Permanent Fund Corp bought a new position in shares of Arista Networks in the first quarter valued at approximately $37,000. Riverview Trust Co bought a new stake in shares of Arista Networks during the 1st quarter worth $40,000. Redmont Wealth Advisors LLC acquired a new position in Arista Networks in the 1st quarter valued at $42,000. Finally, Rakuten Securities Inc. bought a new position in Arista Networks in the 4th quarter worth $35,000. 82.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ANET. Bank of America raised their price target on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Arista Networks in a report on Wednesday, May 8th. UBS Group raised their price objective 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. JPMorgan Chase & Co. increased their price target on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Finally, Morgan Stanley boosted their price objective on shares of Arista Networks from $300.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $311.50.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 4,042 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $299.99, for a total transaction of $1,212,559.58. Following the transaction, the chief executive officer now directly owns 1,628,532 shares in the company, valued at approximately $488,543,314.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 4,042 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $299.99, for a total transaction of $1,212,559.58. Following the transaction, the chief executive officer now owns 1,628,532 shares in the company, valued at $488,543,314.68. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 214,118 shares of company stock worth $68,528,038. Insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE:ANET traded up $8.41 during midday trading on Thursday, reaching $365.42. The company’s stock had a trading volume of 1,210,192 shares, compared to its average volume of 2,265,628. The business’s fifty day simple moving average is $309.96 and its 200-day simple moving average is $282.02. The company has a market capitalization of $114.51 billion, a P/E ratio of 50.89, a P/E/G ratio of 3.15 and a beta of 1.11. Arista Networks, Inc. has a fifty-two week low of $149.10 and a fifty-two week high of $365.42.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) 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 company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. On average, analysts forecast that Arista Networks, Inc. will post 7.05 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a stock 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are 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.