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

1858 Wealth Management LLC grew its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 31.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 22,578 shares of the technology company's stock after purchasing an additional 5,379 shares during the quarter. Arista Networks accounts for 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 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Arista Networks by 304.2% in the 4th 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 grew its holdings 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 worth $6,371,848,000 after acquiring an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC grew its holdings in shares of Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after acquiring an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Arista Networks by 218.5% in 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 during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $86.18 on Friday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The business has a 50-day moving average of $87.52 and a two-hundred day moving average of $95.92. The stock has a market capitalization of $108.23 billion, a P/E ratio of 36.48, a P/E/G ratio of 2.53 and a beta of 1.37.

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

Arista Networks declared that its board has approved a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to buy 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.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ANET. Barclays decreased their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. The Goldman Sachs Group decreased their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. KGI Securities cut Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Finally, Evercore ISI reduced their price objective on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and an average price target of $108.20.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director now directly owns 123,784 shares in the company, valued at approximately $10,915,273.12. The trade was a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 161,690 shares of company stock worth $14,525,085. Company insiders own 3.39% of the company's stock.

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.

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