Armis Advisers LLC Takes $430,000 Position in Arista Networks, Inc. (NYSE:ANET)

Armis Advisers LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,891 shares of the technology company's stock, valued at approximately $430,000.

A number of other hedge funds have also modified their holdings of ANET. Stock Yards Bank & Trust Co. acquired a new stake in shares of Arista Networks in the 4th quarter valued at $242,000. GHE LLC boosted its holdings in shares of Arista Networks by 319.0% in the fourth quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after buying an additional 21,597 shares during the period. Colonial River Investments LLC lifted its holdings in shares of Arista Networks by 327.6% in the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after purchasing an additional 7,466 shares in the last quarter. Unified Investment Management acquired a new stake in shares of Arista Networks in the fourth quarter valued at approximately $630,000. Finally, Berkshire Capital Holdings Inc. lifted its position in Arista Networks by 257.6% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after buying an additional 55,430 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ANET has been the topic of several research analyst reports. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Needham & Company LLC initiated coverage on Arista Networks in a research note on Wednesday. They set a "buy" rating for the company. Redburn Atlantic began coverage on Arista Networks in a research report on Wednesday. They set a "buy" rating and a $112.00 price objective on the stock. Finally, The Goldman Sachs Group cut their price target on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $107.47.

Arista Networks Price Performance

Shares of NYSE ANET traded down $6.43 during mid-day trading on Thursday, reaching $86.36. The company's stock had a trading volume of 17,896,001 shares, compared to its average volume of 9,011,123. The stock has a fifty day moving average of $81.92 and a two-hundred day moving average of $96.78. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm has a market capitalization of $108.46 billion, a PE ratio of 38.90, a P/E/G ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. The company 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%. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. Analysts anticipate 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 permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the sale, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total value of $712,240.00. Following the completion of the sale, the director now directly owns 147,784 shares in the company, valued at approximately $13,157,209.52. The trade was a 5.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 237,538 shares of company stock valued at $20,748,219 over the last 90 days. Insiders own 3.54% of the company's stock.

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.