Salvus Wealth Management LLC Sells 2,697 Shares of Arista Networks, Inc. (NYSE:ANET)

Salvus Wealth Management LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 23.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,829 shares of the technology company’s stock after selling 2,697 shares during the quarter. Arista Networks makes up 1.7% of Salvus Wealth Management LLC’s portfolio, making the stock its 18th largest holding. Salvus Wealth Management LLC’s holdings in Arista Networks were worth $2,560,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Financial Synergies Wealth Advisors Inc. lifted its stake 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 during the period. Atticus Wealth Management LLC raised its position in Arista Networks by 3,625.0% in the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after buying an additional 145 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Arista Networks in the fourth quarter valued at approximately $35,000. Sandy Spring Bank boosted its holdings in Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after purchasing an additional 39 shares during the last quarter. Finally, Alaska Permanent Fund Corp bought a new position in shares of Arista Networks in the 1st quarter valued at about $37,000. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 23,000 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $296.24, for a total transaction of $6,813,520.00. Following the sale, the chief executive officer now directly owns 1,651,800 shares in the company, valued at $489,329,232. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jayshree Ullal sold 23,000 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $296.24, for a total value of $6,813,520.00. Following the transaction, the chief executive officer now owns 1,651,800 shares of the company’s stock, valued at $489,329,232. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel Scheinman sold 1,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the sale, the director now directly owns 37,732 shares in the company, valued at approximately $12,382,510.44. The disclosure for this sale can be found here. Insiders have sold a total of 235,950 shares of company stock valued at $71,801,440 over the last quarter. 3.54% of the stock is owned by company insiders.

Arista Networks Stock Performance

Arista Networks stock traded up $0.62 during trading on Tuesday, reaching $329.83. The company had a trading volume of 120,606 shares, compared to its average volume of 2,512,543. The firm has a market capitalization of $103.36 billion, a PE ratio of 45.85, a price-to-earnings-growth ratio of 2.98 and a beta of 1.08. The firm’s 50-day simple moving average is $296.57 and its 200 day simple moving average is $276.48. Arista Networks, Inc. has a 1-year low of $149.09 and a 1-year high of $345.89.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.55 billion. Analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current year.

Arista Networks announced that its Board of Directors has authorized a share 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 often an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

ANET has been the topic of a number of recent analyst reports. UBS Group raised their price target on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Barclays lifted their price target on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. Piper Sandler upped their price objective on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Wells Fargo & Company boosted their target price on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Finally, The Goldman Sachs Group upped their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $306.78.

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.