43,500 Shares in Arista Networks, Inc. (NYSE:ANET) Purchased by First United Bank & Trust

First United Bank & Trust acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 43,500 shares of the technology company's stock, valued at approximately $3,370,000. Arista Networks comprises approximately 1.3% of First United Bank & Trust's investment portfolio, making the stock its 24th largest position.

Other hedge funds have also recently made changes to their positions in the company. DSG Capital Advisors LLC purchased a new position in shares of Arista Networks during the fourth quarter valued at approximately $5,984,000. Ibex Wealth Advisors increased its holdings in Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after buying an additional 7,329 shares during the last quarter. GHE LLC increased its holdings in Arista Networks by 319.0% during the fourth 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 during the last quarter. Colonial River Investments LLC increased its holdings in Arista Networks by 327.6% during the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after buying an additional 7,466 shares during the last quarter. Finally, Unified Investment Management purchased a new stake in Arista Networks during the fourth quarter valued at approximately $630,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction on 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 owns 7,480 shares in the company, valued at $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is owned by insiders.

Arista Networks Trading Down 3.6%

Shares of NYSE:ANET traded down $3.49 during midday trading on Friday, reaching $92.28. 6,205,708 shares of the company were exchanged, compared to its average volume of 9,043,529. The business's fifty day moving average is $85.82 and its two-hundred day moving average is $96.36. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a market cap of $115.89 billion, a PE ratio of 41.57, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the business earned $0.50 earnings per share. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Analyst Ratings Changes

A number of analysts have commented on the stock. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Rosenblatt Securities upped their target price on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Morgan Stanley upped their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. JPMorgan Chase & Co. reduced their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, Evercore ISI reduced their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of "Moderate Buy" and a consensus target price of $107.38.

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.