Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Farther Finance Advisors LLC

Farther Finance Advisors LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 37.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,708 shares of the technology company's stock after buying an additional 3,455 shares during the period. Farther Finance Advisors LLC's holdings in Arista Networks were worth $997,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings 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 acquiring an additional 5,955 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Arista Networks during the fourth quarter worth approximately $202,000. Stephens Inc. AR increased its stake in shares of Arista Networks by 318.1% during the fourth quarter. Stephens Inc. AR now owns 11,503 shares of the technology company's stock worth $1,271,000 after purchasing an additional 8,752 shares during the period. Focus Financial Network Inc. boosted its stake in Arista Networks by 87.7% in the 4th quarter. Focus Financial Network Inc. now owns 2,284 shares of the technology company's stock valued at $252,000 after purchasing an additional 1,067 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new position in Arista Networks in the 4th quarter valued at $63,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on ANET. BNP Paribas cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday. Evercore ISI dropped their price objective on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. BNP Paribas Exane cut Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a research note on Wednesday. Finally, Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $107.38.

Arista Networks Trading Down 3.6%

Shares of ANET traded down $3.49 during mid-day trading on Friday, reaching $92.28. 6,205,708 shares of the stock traded hands, compared to its average volume of 9,067,770. The company has a market cap of $115.89 billion, a price-to-earnings ratio of 41.57, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The firm has a fifty day moving average price of $85.36 and a 200 day moving average price of $96.45.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data 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 company 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%. Arista Networks's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.50 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has approved a share repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks 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 completion of the transaction, the senior vice president now 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. In the last 90 days, insiders have sold 105,690 shares of company stock worth $9,360,205. Corporate insiders own 3.39% of the company's stock.

About Arista Networks

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.