Connecticut Wealth Management LLC Boosts Holdings in Arista Networks, Inc. (NYSE:ANET)

Connecticut Wealth Management LLC grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 305.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,303 shares of the technology company's stock after buying an additional 3,242 shares during the quarter. Connecticut Wealth Management LLC's holdings in Arista Networks were worth $476,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Stock Yards Bank & Trust Co. purchased a new stake in shares of Arista Networks during the fourth quarter valued at approximately $242,000. GHE LLC lifted its stake in shares of Arista Networks by 319.0% during the 4th quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after buying an additional 21,597 shares in the last quarter. Colonial River Investments LLC increased its holdings in Arista Networks by 327.6% in the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after acquiring an additional 7,466 shares during the last quarter. Unified Investment Management purchased a new stake in Arista Networks during the fourth quarter valued at $630,000. Finally, Berkshire Capital Holdings Inc. increased its position in shares of Arista Networks by 257.6% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after purchasing an additional 55,430 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total transaction of $712,240.00. Following the completion of the transaction, the director now owns 147,784 shares of the company's stock, valued at approximately $13,157,209.52. This trade represents a 5.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John F. Mccool sold 17,433 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $96.57, for a total transaction of $1,683,504.81. The disclosure for this sale can be found here. Insiders have sold a total of 254,971 shares of company stock worth $22,431,724 over the last quarter. Company insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on ANET. Barclays lowered their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Rosenblatt Securities upped their target price on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, Citigroup raised their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $107.14.

Arista Networks Price Performance

Shares of NYSE ANET traded up $1.28 during mid-day trading on Tuesday, hitting $92.48. The company's stock had a trading volume of 5,860,861 shares, compared to its average volume of 8,981,850. The stock has a market cap of $116.15 billion, a price-to-earnings ratio of 41.66, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company's fifty day simple moving average is $81.54 and its 200-day simple moving average is $96.84.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share 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 analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business's quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.50 EPS. On average, sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

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.