Central Pacific Bank Trust Division Acquires New Shares in Arista Networks, Inc. (NYSE:ANET)

Central Pacific Bank Trust Division purchased a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 9,550 shares of the technology company's stock, valued at approximately $740,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ANET. Caitlin John LLC grew its stake in Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC grew its stake in Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares during the last quarter. New Millennium Group LLC grew its stake in Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 195 shares during the last quarter. Quarry LP grew its stake in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares during the last quarter. Finally, Dunhill Financial LLC grew its stake 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 buying an additional 212 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 0.1%

NYSE:ANET traded up $0.12 during trading hours on Friday, hitting $86.49. 16,490,789 shares of the stock were exchanged, compared to its average volume of 9,029,731. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The firm's fifty day moving average price is $81.89 and its 200 day moving average price is $96.59. The company has a market cap of $108.62 billion, a P/E ratio of 38.96, a P/E/G ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.97 billion. During the same period in the previous year, the business earned $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. Equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on ANET shares. Barclays dropped their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Rosenblatt Securities lifted their price target on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group lowered their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Redburn Atlantic began coverage on Arista Networks in a research report on Wednesday. They set a "buy" rating and a $112.00 price target for the company. Finally, Needham & Company LLC began coverage on Arista Networks in a research report on Wednesday. They set a "buy" rating for the company. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $107.47.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,101,013.60. This represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the company's 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 completion of the sale, the director now owns 7,480 shares of the company's stock, valued at $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 237,538 shares of company stock worth $20,748,219. Corporate insiders own 3.54% 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.