Castle Rock Wealth Management LLC Acquires Shares of 12,761 Arista Networks, Inc. (NYSE:ANET)

Castle Rock Wealth Management LLC 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 SEC. The firm acquired 12,761 shares of the technology company's stock, valued at approximately $996,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ANET. Brighton Jones LLC increased its stake in Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after buying an additional 5,955 shares during the last quarter. Blue Trust Inc. grew its holdings in Arista Networks by 56.7% during the fourth quarter. Blue Trust Inc. now owns 4,133 shares of the technology company's stock valued at $457,000 after purchasing an additional 1,495 shares during the period. Revolve Wealth Partners LLC bought a new stake in shares of Arista Networks in the fourth quarter valued at $202,000. Strategic Blueprint LLC lifted its position in shares of Arista Networks by 261.2% during the 4th quarter. Strategic Blueprint LLC now owns 2,503 shares of the technology company's stock valued at $277,000 after buying an additional 1,810 shares during the last quarter. Finally, OLD National Bancorp IN grew its stake in shares of Arista Networks by 369.3% during the 4th quarter. OLD National Bancorp IN now owns 5,101 shares of the technology company's stock worth $564,000 after acquiring an additional 4,014 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Stock Up 1.1%

Shares of Arista Networks stock traded up $1.05 on Thursday, hitting $95.99. The stock had a trading volume of 3,036,996 shares, compared to its average volume of 9,032,372. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a market cap of $120.56 billion, a price-to-earnings ratio of 43.24, a PEG ratio of 3.10 and a beta of 1.38. The stock's 50-day simple moving average is $82.70 and its two-hundred day simple moving average is $96.54.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for 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 business's revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the business earned $0.50 earnings per share. As a group, equities analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ANET. Citigroup boosted their price objective on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and upped their price objective for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Evercore ISI dropped their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Redburn Atlantic initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $107.47.

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction on Tuesday, April 22nd. The stock was 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 owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction on 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 transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock worth $9,360,205 over the last quarter. Corporate insiders own 3.39% of the company's stock.

Arista Networks 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.