47,836 Shares in Arista Networks, Inc. (NYSE:ANET) Acquired by Bar Harbor Wealth Management

Bar Harbor Wealth Management acquired a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 47,836 shares of the technology company's stock, valued at approximately $3,706,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC lifted its stake in Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after purchasing an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Arista Networks during the 4th quarter worth approximately $202,000. Stephens Inc. AR boosted its holdings in shares of Arista Networks by 318.1% in the 4th quarter. Stephens Inc. AR now owns 11,503 shares of the technology company's stock valued at $1,271,000 after buying an additional 8,752 shares in the last quarter. Focus Financial Network Inc. grew its position in shares of Arista Networks by 87.7% in the 4th quarter. Focus Financial Network Inc. now owns 2,284 shares of the technology company's stock valued at $252,000 after buying an additional 1,067 shares during the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in Arista Networks during the 4th quarter worth $63,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock valued at $9,360,205 over the last quarter. Corporate insiders own 3.39% of the company's stock.

Arista Networks Trading Up 2.8%

Shares of NYSE:ANET traded up $2.62 on Monday, reaching $94.97. 7,727,570 shares of the company were exchanged, compared to its average volume of 9,038,262. The company has a 50-day moving average of $85.82 and a 200-day moving average of $96.33. The firm has a market cap of $119.28 billion, a price-to-earnings ratio of 42.78, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted its 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. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the company earned $0.50 earnings per share. Arista Networks's revenue was up 27.6% compared to the same quarter last year. As a group, analysts forecast 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 repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ANET shares. The Goldman Sachs Group cut their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Redburn Atlantic started coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price objective for the company. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. lowered their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Seven investment 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.com, Arista Networks presently has a consensus rating of "Moderate Buy" and a consensus target price 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.