Brookstone Capital Management Grows Holdings in Arista Networks, Inc. (NYSE:ANET)

Brookstone Capital Management lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 49.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 127,995 shares of the technology company's stock after purchasing an additional 42,290 shares during the period. Brookstone Capital Management's holdings in Arista Networks were worth $9,917,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. HighMark Wealth Management LLC increased its position in Arista Networks by 179.7% during the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after purchasing an additional 230 shares during the period. Quarry LP increased its position in shares of 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 raised 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 last quarter. McIlrath & Eck LLC bought a new stake in Arista Networks during the fourth quarter valued at $35,000. Finally, Tradewinds Capital Management LLC grew its holdings in Arista Networks by 45.8% during the 1st quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after acquiring an additional 143 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the sale, the senior vice president owned 12,976 shares of the company's stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the transaction, the chief executive officer owned 30,000 shares of the company's stock, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,123,400 shares of company stock worth $113,159,520 over the last quarter. Insiders own 3.39% of the company's stock.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $1.32 on Friday, hitting $102.45. 5,296,699 shares of the company traded hands, compared to its average volume of 9,105,538. The business has a 50-day simple moving average of $92.93 and a 200 day simple moving average of $95.33. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a market capitalization of $128.66 billion, a P/E ratio of 43.36, a price-to-earnings-growth ratio of 2.99 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS. Research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes 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 leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on ANET shares. Morgan Stanley increased their price target on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Needham & Company LLC began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating on the stock. KGI Securities cut shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Evercore ISI boosted their target price on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Finally, Wedbush initiated coverage on Arista Networks in a research note on Wednesday, May 28th. They set an "outperform" rating on the stock. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $109.33.

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.