GAMMA Investing LLC Boosts Position in Arista Networks, Inc. (NYSE:ANET)

GAMMA Investing LLC raised its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 7,195.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,667,834 shares of the technology company's stock after buying an additional 1,644,974 shares during the period. GAMMA Investing LLC owned about 0.13% of Arista Networks worth $1,292,240,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Caitlin John LLC raised its stake in shares of Arista Networks by 174.7% during the 4th 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 increased 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 in the last quarter. New Millennium Group LLC increased its stake in Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares in the last quarter. Quarry LP increased its stake in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares in the last quarter. Finally, Dunhill Financial LLC increased its stake in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after purchasing an additional 212 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the transaction, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $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. Insiders sold 177,690 shares of company stock worth $15,442,765 in the last quarter. 3.39% of the stock is currently owned by company insiders.

Arista Networks Price Performance

Arista Networks stock traded up $4.05 during mid-day trading on Tuesday, hitting $93.83. 5,037,124 shares of the company's stock traded hands, compared to its average volume of 9,016,358. The stock has a market cap of $117.84 billion, a price-to-earnings ratio of 42.27, a P/E/G ratio of 3.10 and a beta of 1.38. The firm has a 50 day simple moving average of $82.05 and a two-hundred day simple moving average of $96.56. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58.

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

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ANET. Barclays cut their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating on the stock. Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target for the company. UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Finally, KGI Securities cut shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.47.

About Arista Networks

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.