Atria Wealth Solutions Inc. Grows Position in Arista Networks, Inc. (NYSE:ANET)

Atria Wealth Solutions Inc. boosted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 7.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 40,274 shares of the technology company's stock after purchasing an additional 2,734 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Arista Networks were worth $3,120,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ANET. Quarry LP grew its stake in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares during the period. Dunhill Financial LLC grew its stake in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares during the period. McIlrath & Eck LLC purchased a new stake in Arista Networks during the fourth quarter worth approximately $35,000. HighMark Wealth Management LLC grew its stake in Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after buying an additional 230 shares during the period. Finally, West Paces Advisors Inc. grew its stake in Arista Networks by 214.5% during the fourth quarter. West Paces Advisors Inc. now owns 368 shares of the technology company's stock worth $41,000 after buying an additional 251 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

NYSE ANET opened at $139.15 on Friday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $141.01. The company has a market capitalization of $174.89 billion, a price-to-earnings ratio of 54.73, a price-to-earnings-growth ratio of 3.61 and a beta of 1.37. The company's fifty day moving average price is $105.60 and its two-hundred day moving average price is $95.54.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. The company had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.11 billion. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The firm's revenue was up 30.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 earnings per share. As a group, analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 1,785,165 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the sale, the chief executive officer directly owned 5,698,074 shares of the company's stock, valued at approximately $776,191,640.28. This represents a 23.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 864 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $114.68, for a total transaction of $99,083.52. Following the sale, the director directly owned 7,460 shares in the company, valued at $855,512.80. This trade represents a 10.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,228,907 shares of company stock valued at $638,699,061 over the last three months. 3.39% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Evercore ISI set a $150.00 price objective on shares of Arista Networks and gave the stock an "outperform" rating in a research note on Wednesday. Wedbush started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating for the company. BNP Paribas downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. UBS Group upped their target price on shares of Arista Networks from $115.00 to $155.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Needham & Company LLC upped their target price on shares of Arista Networks from $130.00 to $155.00 and gave the company a "buy" rating in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $138.07.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.