Salvus Wealth Management LLC Takes Position in Arista Networks, Inc. (NYSE:ANET)

Salvus Wealth Management LLC bought a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 25,464 shares of the technology company's stock, valued at approximately $1,973,000. Arista Networks makes up about 1.2% of Salvus Wealth Management LLC's holdings, making the stock its 25th largest holding.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares in the last quarter. FMR LLC increased its holdings in Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC increased 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 increased 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. increased 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 valued at $2,328,869,000 after purchasing an additional 14,454,822 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Barclays decreased their price target on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Morgan Stanley boosted their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Redburn Atlantic initiated coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price on the stock. Finally, The Goldman Sachs Group lowered their price target on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Five 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 company currently has an average rating of "Moderate Buy" and an average price target of $107.47.

Arista Networks Stock Performance

ANET stock traded up $2.11 during midday trading on Friday, hitting $97.29. 6,620,137 shares of the company's stock were exchanged, compared to its average volume of 9,072,657. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company has a market cap of $122.19 billion, a PE ratio of 43.82, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. The stock's fifty day moving average price is $83.43 and its 200-day moving average price is $96.55.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the business posted $0.50 EPS. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. On average, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Insider Activity

In other news, 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 value of $102,187.08. Following the sale, the director now owns 7,480 shares of the company's stock, valued at $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the transaction, the director now directly owns 123,784 shares of the company's stock, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,690 shares of company stock worth $9,360,205 over the last quarter. 3.39% of the stock is currently owned by company 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.