9,646 Shares in Arista Networks, Inc. (NYSE:ANET) Bought by Brookwood Investment Group LLC

Key Points

• Brookwood Investment Group LLC has acquired a new stake in Arista Networks during the first quarter, purchasing 9,646 shares valued at approximately $747,000.
• Arista Networks reported a 27.6% increase in revenue year-over-year for the last quarter, totaling $2 billion, while also surpassing earnings expectations with an EPS of $0.65.
• The company's board has authorized a $1.50 billion share buyback program, indicating confidence in the stock's value, as it allows for the repurchase of up to 1.3% of its outstanding shares.

Brookwood Investment Group LLC bought a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 9,646 shares of the technology company's stock, valued at approximately $747,000.

Other hedge funds also recently bought and sold shares of the company. Pier 88 Investment Partners LLC raised its holdings in shares of Arista Networks by 1.5% during the first quarter. Pier 88 Investment Partners LLC now owns 7,960 shares of the technology company's stock worth $617,000 after acquiring an additional 120 shares during the period. Optimum Investment Advisors raised its holdings in shares of Arista Networks by 31.3% during the first quarter. Optimum Investment Advisors now owns 525 shares of the technology company's stock worth $41,000 after acquiring an additional 125 shares during the period. PFG Advisors raised its holdings in shares of Arista Networks by 2.7% during the first quarter. PFG Advisors now owns 5,061 shares of the technology company's stock worth $392,000 after acquiring an additional 131 shares during the period. Tradewinds Capital Management LLC raised its holdings in shares of Arista Networks by 45.8% during the first 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. Finally, Weaver Capital Management LLC raised its holdings in shares of Arista Networks by 0.8% during the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock worth $1,662,000 after acquiring an additional 162 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ANET. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Rosenblatt Securities lifted their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. The Goldman Sachs Group lowered their price target on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Citigroup lifted their price objective on shares of Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Wolfe Research began coverage on shares of Arista Networks in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks has an average rating of "Moderate Buy" and an average target price of $111.40.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total transaction of $794,880.00. Following the completion of the transaction, the director directly owned 65,784 shares in the company, valued at $6,536,298.24. This represents a 10.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the company'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 transaction, the senior vice president owned 12,976 shares of the company's stock, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,177,878 shares of company stock worth $119,281,861. 3.39% of the stock is currently owned by corporate insiders.

Arista Networks Trading Up 1.4%

NYSE ANET traded up $1.59 during trading on Monday, reaching $115.87. The company's stock had a trading volume of 3,056,704 shares, compared to its average volume of 10,493,239. The firm has a market capitalization of $145.53 billion, a price-to-earnings ratio of 49.05, a price-to-earnings-growth ratio of 3.32 and a beta of 1.40. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.57. The firm has a 50 day moving average price of $98.86 and a 200 day moving average price of $94.65.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate 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 30.48%. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.50 EPS. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has initiated a share buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

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.