Cavalier Investments LLC Takes Position in Arista Networks, Inc. (NYSE:ANET)

Cavalier Investments LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 14,928 shares of the technology company's stock, valued at approximately $1,157,000.

Several other institutional investors and hedge funds also recently bought and sold shares of ANET. Reston Wealth Management LLC grew its position in Arista Networks by 15.0% during the first quarter. Reston Wealth Management LLC now owns 3,681 shares of the technology company's stock valued at $285,000 after purchasing an additional 481 shares in the last quarter. Achmea Investment Management B.V. increased its position in Arista Networks by 76.3% in the 1st quarter. Achmea Investment Management B.V. now owns 146,972 shares of the technology company's stock worth $11,387,000 after purchasing an additional 63,616 shares during the last quarter. Artemis Investment Management LLP purchased a new stake in shares of Arista Networks during the 1st quarter worth about $2,326,000. Illinois Municipal Retirement Fund lifted its holdings in shares of Arista Networks by 5.1% during the 1st quarter. Illinois Municipal Retirement Fund now owns 191,298 shares of the technology company's stock valued at $14,822,000 after buying an additional 9,236 shares during the last quarter. Finally, Transcend Capital Advisors LLC acquired a new stake in shares of Arista Networks during the 1st quarter valued at about $210,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Price Performance

ANET stock traded up $3.13 on Monday, reaching $102.52. 12,486,871 shares of the company were exchanged, compared to its average volume of 10,908,048. The firm has a market capitalization of $128.76 billion, a PE ratio of 43.39, a PEG ratio of 2.90 and a beta of 1.37. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.57. The stock's fifty day moving average price is $89.99 and its 200 day moving average price is $95.50.

Arista Networks (NYSE:ANET - Get Free Report) last released 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. The business 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 firm's revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the company earned $0.50 earnings per share. As a group, research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to buy 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.

Insiders Place Their Bets

In related news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction dated Tuesday, April 22nd. The shares were 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 directly owns 7,480 shares of the company's stock, valued at $512,305.20. This trade represents a 16.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction dated 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 sale, the senior vice president now directly owns 12,976 shares in the company, valued at $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. Insiders have sold 161,690 shares of company stock worth $14,525,085 over the last 90 days. Corporate insiders own 3.39% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ANET shares. Evercore ISI increased their price objective on Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a research note on Wednesday, June 11th. Rosenblatt Securities lifted their price objective 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. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Morgan Stanley raised their target price on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average 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.