Affinity Capital Advisors LLC Purchases Shares of 2,968 Arista Networks, Inc. (NYSE:ANET)

Affinity Capital Advisors LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,968 shares of the technology company's stock, valued at approximately $216,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. RMR Wealth Builders increased its holdings in shares of Arista Networks by 0.6% in the 1st quarter. RMR Wealth Builders now owns 30,642 shares of the technology company's stock valued at $2,374,000 after acquiring an additional 180 shares during the last quarter. Capital Advisors Ltd. LLC increased its stake in Arista Networks by 335.1% during the fourth 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. Fragasso Financial Advisors Inc increased its stake in Arista Networks by 4.4% during the first quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company's stock valued at $360,000 after purchasing an additional 196 shares during the last quarter. Quarry LP raised its holdings in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the period. Finally, Dunhill Financial LLC lifted its position in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the sale, the director now owns 123,784 shares in the company, valued at $10,915,273.12. This represents a 6.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president now directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 105,690 shares of company stock worth $9,360,205. 3.54% of the stock is owned by corporate insiders.

Arista Networks Stock Up 0.5%

ANET stock traded up $0.44 during trading on Wednesday, reaching $90.12. 9,108,516 shares of the company's stock were exchanged, compared to its average volume of 9,033,120. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The firm has a market cap of $113.18 billion, a PE ratio of 38.15, a P/E/G ratio of 2.79 and a beta of 1.37. The company's fifty day moving average price is $86.61 and its 200-day moving average price is $96.24.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company's revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 earnings per share. As a group, sell-side analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

ANET has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Citigroup lifted their target price on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. KGI Securities downgraded Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Finally, UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $107.38.

Arista Networks 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.