14,432 Shares in Arista Networks, Inc. (NYSE:ANET) Acquired by Putney Financial Group LLC

Putney Financial Group LLC purchased a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 14,432 shares of the technology company's stock, valued at approximately $1,595,000. Arista Networks comprises approximately 1.1% of Putney Financial Group LLC's portfolio, making the stock its 17th largest holding.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ANET. Vanguard Group Inc. boosted its position in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after acquiring an additional 72,311,318 shares during the last quarter. FMR LLC raised its stake in shares of Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after acquiring an additional 44,269,572 shares during the period. Cresset Asset Management LLC grew its holdings in Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after purchasing an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC grew its holdings in Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after purchasing an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $0.30 on Wednesday, reaching $92.79. The stock had a trading volume of 5,485,567 shares, compared to its average volume of 8,975,498. The business's 50-day moving average price is $81.73 and its two-hundred day moving average price is $96.81. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The stock has a market cap of $116.54 billion, a P/E ratio of 41.80, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its board has initiated a share repurchase plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated 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 $1,168,748.32. This represents a 86.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the sale, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 237,538 shares of company stock valued at $20,748,219. 3.54% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Barclays cut their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Citigroup boosted their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Rosenblatt Securities boosted their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Finally, Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday. They set a "buy" rating and a $112.00 price objective on the stock. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $107.47.

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.