Arista Networks, Inc. (NYSE:ANET) Shares Purchased by 1858 Wealth Management LLC

1858 Wealth Management LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 31.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,578 shares of the technology company's stock after purchasing an additional 5,379 shares during the period. Arista Networks makes up 1.5% of 1858 Wealth Management LLC's portfolio, making the stock its 21st largest position. 1858 Wealth Management LLC's holdings in Arista Networks were worth $1,749,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Weaver Capital Management LLC lifted its stake in shares of Arista Networks by 0.8% in the 1st quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock valued at $1,662,000 after acquiring an additional 162 shares during the last quarter. First American Bank lifted its position in Arista Networks by 1.1% in the first quarter. First American Bank now owns 14,478 shares of the technology company's stock valued at $1,122,000 after purchasing an additional 164 shares during the last quarter. ORG Partners LLC boosted its stake in shares of Arista Networks by 43.8% during the first quarter. ORG Partners LLC now owns 575 shares of the technology company's stock valued at $45,000 after purchasing an additional 175 shares during the period. RMR Wealth Builders grew its holdings in shares of Arista Networks by 0.6% in the first quarter. RMR Wealth Builders now owns 30,642 shares of the technology company's stock worth $2,374,000 after purchasing an additional 180 shares during the last quarter. Finally, Capital Advisors Ltd. LLC increased its stake in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

ANET traded up $1.32 during trading on Wednesday, hitting $96.29. The stock had a trading volume of 7,879,151 shares, compared to its average volume of 9,048,310. The stock has a 50 day simple moving average of $88.32 and a two-hundred day simple moving average of $95.73. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The company has a market capitalization of $120.93 billion, a PE ratio of 40.76, a PEG ratio of 2.79 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during 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 business's quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the company posted $0.50 earnings per share. On average, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has authorized a share buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes 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 stock is undervalued.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 30,000 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,766,900.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,196,776.48. This represents a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,690 shares of company stock valued at $14,525,085. 3.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ANET. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Rosenblatt Securities raised their target price on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Evercore ISI lifted their target price on shares of Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday. Redburn Atlantic assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target for the company. Finally, Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $108.87.

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.