Brighton Jones LLC Buys 11,804 Shares of Arista Networks, Inc. (NYSE:ANET)

Brighton Jones LLC boosted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 151.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,610 shares of the technology company's stock after purchasing an additional 11,804 shares during the quarter. Brighton Jones LLC's holdings in Arista Networks were worth $1,519,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Capital Advisors Ltd. LLC boosted its holdings in Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after acquiring an additional 191 shares in the last quarter. Quarry LP boosted its stake in Arista Networks by 381.5% in the 4th 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 grew its position in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Tradewinds Capital Management LLC increased its stake in 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 purchasing an additional 234 shares in the last quarter. Finally, McIlrath & Eck LLC purchased a new position in shares of Arista Networks in the fourth quarter worth $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now directly owns 7,480 shares of the company's stock, valued at $512,305.20. The trade was a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock worth $9,360,205 in the last quarter. Corporate insiders own 3.39% of the company's stock.

Arista Networks Stock Down 3.6%

ANET stock opened at $92.28 on Monday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The firm has a market cap of $115.89 billion, a P/E ratio of 41.57, a PEG ratio of 3.10 and a beta of 1.37. The company's 50-day simple moving average is $85.82 and its 200-day simple moving average is $96.33.

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, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the prior year, the firm posted $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. On average, analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

ANET has been the topic of several research reports. 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. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Needham & Company LLC began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating on the stock. JPMorgan Chase & Co. reduced their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Finally, KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $107.38.

Arista Networks Company 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.

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