Contravisory Investment Management Inc. Buys 2,849 Shares of Arista Networks, Inc. (NYSE:ANET)

Contravisory Investment Management Inc. lifted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 28.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,897 shares of the technology company's stock after purchasing an additional 2,849 shares during the quarter. Contravisory Investment Management Inc.'s holdings in Arista Networks were worth $999,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Peak Financial Advisors LLC grew its stake in shares of Arista Networks by 1.4% in the first quarter. Peak Financial Advisors LLC now owns 28,880 shares of the technology company's stock valued at $2,238,000 after acquiring an additional 396 shares in the last quarter. TrueWealth Advisors LLC lifted its holdings in shares of Arista Networks by 6.3% during the 1st quarter. TrueWealth Advisors LLC now owns 5,638 shares of the technology company's stock worth $437,000 after acquiring an additional 336 shares during the period. Bremer Bank National Association bought a new stake in shares of Arista Networks during the 1st quarter worth $7,492,000. CGN Advisors LLC increased its position in Arista Networks by 10.4% during the 1st quarter. CGN Advisors LLC now owns 26,002 shares of the technology company's stock worth $2,015,000 after purchasing an additional 2,454 shares in the last quarter. Finally, Unigestion Holding SA bought a new position in Arista Networks in the 1st quarter valued at approximately $829,000. 82.47% of the stock is owned by institutional investors.

Insider Transactions at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the transaction, the director now owns 139,784 shares of the company's stock, valued at $10,840,249.20. This represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock worth $9,360,205 in the last quarter. Insiders own 3.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Needham & Company LLC began coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating on the stock. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Barclays cut their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $107.47.

Arista Networks Trading Up 0.2%

Shares of ANET traded up $0.17 on Thursday, reaching $95.11. 7,929,264 shares of the company's stock traded hands, compared to its average volume of 9,050,304. The stock's 50 day simple moving average is $82.70 and its two-hundred day simple moving average is $96.54. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The stock has a market cap of $119.45 billion, a PE ratio of 42.84, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. During the same period in the previous year, the business posted $0.50 EPS. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. Analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

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.