Salvus Wealth Management LLC Invests $1.97 Million in Arista Networks, Inc. (NYSE:ANET)

Salvus Wealth Management LLC bought a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 25,464 shares of the technology company's stock, valued at approximately $1,973,000. Arista Networks makes up approximately 1.2% of Salvus Wealth Management LLC's holdings, making the stock its 25th largest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. Caitlin John LLC increased its position in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC boosted its stake in Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares during the last quarter. Quarry LP increased its holdings in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC raised its stake in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Finally, Hemington Wealth Management raised its stake in shares of Arista Networks by 409.7% in the fourth quarter. Hemington Wealth Management now owns 316 shares of the technology company's stock worth $34,000 after purchasing an additional 254 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ANET. Citigroup lifted their target price on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Wedbush began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating on the stock. Morgan Stanley upped their target price on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. dropped their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Redburn Atlantic initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $107.47.

Arista Networks Price Performance

NYSE:ANET traded up $2.11 on Friday, reaching $97.29. 6,620,137 shares of the company's stock were exchanged, compared to its average volume of 9,049,209. The firm has a market cap of $122.19 billion, a price-to-earnings ratio of 43.82, a P/E/G ratio of 3.10 and a beta of 1.38. The stock has a fifty day simple moving average of $83.05 and a 200-day simple moving average of $96.55. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS 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 company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the firm earned $0.50 EPS. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has authorized a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction on Tuesday, April 22nd. The shares were 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 of the company's stock, valued at $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is owned by corporate insiders.

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.