Pinnacle Wealth Planning Services Inc. Acquires 3,522 Shares of Arista Networks, Inc. (NYSE:ANET)

Pinnacle Wealth Planning Services Inc. grew its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 203.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,253 shares of the technology company's stock after acquiring an additional 3,522 shares during the period. Pinnacle Wealth Planning Services Inc.'s holdings in Arista Networks were worth $581,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the period. FMR LLC boosted its holdings in shares of Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC boosted its holdings in shares of 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 worth $3,016,207,000 after buying an additional 20,059,303 shares during the period. Geode Capital Management LLC boosted its holdings in shares of 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 worth $2,665,829,000 after buying an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after buying an additional 14,454,822 shares during the period. 82.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ANET has been the subject of several research analyst reports. Redburn Atlantic initiated coverage on shares of Arista Networks in a research note on Wednesday. They set a "buy" rating and a $112.00 target price for the company. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Barclays cut their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Morgan Stanley upped their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, KGI Securities cut shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and an average target price of $107.47.

Arista Networks Trading Up 0.1%

Shares of Arista Networks stock traded up $0.12 during mid-day trading on Friday, reaching $86.49. 16,490,789 shares of the stock were exchanged, compared to its average volume of 9,029,731. The company has a market cap of $108.62 billion, a price-to-earnings ratio of 38.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The firm has a 50-day simple moving average of $81.89 and a 200 day simple moving average of $96.59. 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 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. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter last year, the company posted $0.50 EPS. The firm's revenue for the quarter was up 27.6% on a year-over-year basis. On average, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the sale, the senior vice president now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the sale, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 237,538 shares of company stock valued at $20,748,219 in the last 90 days. 3.54% of the stock is currently owned by insiders.

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.