Bar Harbor Wealth Management Purchases New Shares in Arista Networks, Inc. (NYSE:ANET)

Bar Harbor Wealth Management bought a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund bought 47,836 shares of the technology company's stock, valued at approximately $3,706,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ANET. Capital Advisors Ltd. LLC grew its stake in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after acquiring an additional 191 shares during the period. Quarry LP increased its stake in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC increased its stake in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares in the last quarter. Hemington Wealth Management raised its position in shares of Arista Networks by 409.7% in the fourth quarter. Hemington Wealth Management now owns 316 shares of the technology company's stock valued at $34,000 after purchasing an additional 254 shares during the period. Finally, Tradewinds Capital Management LLC lifted its stake in shares of Arista Networks by 300.0% during the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock valued at $34,000 after buying an additional 234 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the company'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 transaction, the director now directly owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred 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 transaction, the director now directly owns 131,784 shares of the company's stock, valued at $11,673,426.72. The trade was a 5.72% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is currently owned by insiders.

Arista Networks Stock Performance

ANET traded down $3.49 during midday trading on Friday, hitting $92.28. The stock had a trading volume of 6,205,708 shares, compared to its average volume of 9,043,529. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The business has a fifty day moving average of $85.82 and a 200 day moving average of $96.36. The company has a market cap of $115.89 billion, a P/E ratio of 41.57, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm's revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 EPS. On average, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has approved a stock buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have issued reports on ANET. Evercore ISI dropped their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Rosenblatt Securities increased their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and lifted their target price for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Wedbush started coverage on Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. Finally, Needham & Company LLC started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating for the company. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.38.

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.