Arista Networks, Inc. (NYSE:ANET) Shares Bought by Ibex Wealth Advisors

Ibex Wealth Advisors increased its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 14.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,093 shares of the technology company's stock after purchasing an additional 7,329 shares during the quarter. Ibex Wealth Advisors' holdings in Arista Networks were worth $4,501,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Wealthcare Advisory Partners LLC bought a new position in Arista Networks during the 1st quarter worth about $460,000. Signet Financial Management LLC lifted its position in shares of Arista Networks by 0.6% in the 1st quarter. Signet Financial Management LLC now owns 108,683 shares of the technology company's stock worth $8,421,000 after purchasing an additional 701 shares during the period. Parisi Gray Wealth Management boosted its stake in shares of Arista Networks by 14.5% during the first quarter. Parisi Gray Wealth Management now owns 3,815 shares of the technology company's stock valued at $296,000 after purchasing an additional 484 shares in the last quarter. International Private Wealth Advisors LLC purchased a new position in Arista Networks during the first quarter valued at approximately $600,000. Finally, Pallas Capital Advisors LLC raised its stake in Arista Networks by 227.0% in the first quarter. Pallas Capital Advisors LLC now owns 38,878 shares of the technology company's stock worth $3,012,000 after buying an additional 26,990 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ANET. Wedbush began coverage on Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. Morgan Stanley upped their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Finally, Redburn Atlantic started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of "Moderate Buy" and an average price target of $107.38.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $88.58, for a total value of $708,640.00. Following the sale, the director now directly owns 131,784 shares of the company's stock, valued at $11,673,426.72. This represents a 5.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now directly owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock worth $9,360,205 over the last three months. 3.39% of the stock is currently owned by insiders.

Arista Networks Price Performance

NYSE:ANET traded up $1.45 during trading hours on Thursday, hitting $95.66. 7,536,681 shares of the company were exchanged, compared to its average volume of 10,851,612. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.57. The stock has a market capitalization of $120.14 billion, a price-to-earnings ratio of 43.09, a PEG ratio of 3.10 and a beta of 1.37. The company's 50 day moving average price is $84.81 and its 200-day moving average price is $96.48.

Arista Networks (NYSE:ANET - Get Free Report) last announced 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. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the previous year, the company earned $0.50 earnings per share. The business's quarterly revenue was up 27.6% compared to the same quarter last year. On average, equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has authorized a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

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.