Ghe LLC Grows Holdings in Arista Networks, Inc. (NYSE:ANET)

GHE LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 319.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,368 shares of the technology company's stock after purchasing an additional 21,597 shares during the quarter. Arista Networks makes up about 1.2% of GHE LLC's holdings, making the stock its 18th biggest position. GHE LLC's holdings in Arista Networks were worth $3,136,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ANET. Avior Wealth Management LLC boosted its holdings in Arista Networks by 334.1% during the fourth quarter. Avior Wealth Management LLC now owns 1,272 shares of the technology company's stock worth $141,000 after purchasing an additional 979 shares during the last quarter. Brighton Jones LLC boosted its holdings in Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after purchasing an additional 5,955 shares during the last quarter. Cornerstone Wealth Management LLC raised its position in Arista Networks by 323.7% in the fourth quarter. Cornerstone Wealth Management LLC now owns 2,284 shares of the technology company's stock worth $252,000 after acquiring an additional 1,745 shares during the period. Geneos Wealth Management Inc. raised its position in Arista Networks by 275.6% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,799 shares of the technology company's stock worth $199,000 after acquiring an additional 1,320 shares during the period. Finally, Cyndeo Wealth Partners LLC raised its position in Arista Networks by 300.7% in the fourth quarter. Cyndeo Wealth Partners LLC now owns 3,037 shares of the technology company's stock worth $336,000 after acquiring an additional 2,279 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 0.3%

Shares of NYSE ANET traded up $0.30 during midday trading on Wednesday, hitting $92.79. The company's stock had a trading volume of 5,485,567 shares, compared to its average volume of 8,975,498. The stock has a fifty day moving average price of $81.92 and a 200 day moving average price of $96.78. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The firm has a market capitalization of $116.54 billion, a price-to-earnings ratio of 41.80, a P/E/G ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 earnings per share. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the business'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 transaction of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business'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 transaction, the director now directly owns 147,784 shares of the company's stock, valued at approximately $13,157,209.52. This represents a 5.14% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 237,538 shares of company stock valued at $20,748,219. Corporate insiders own 3.54% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on ANET shares. Citigroup lifted their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Needham & Company LLC started coverage on shares of Arista Networks in a research report on Wednesday. They issued a "buy" rating on the stock. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Evercore ISI lowered their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Finally, Morgan Stanley lifted their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. 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.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $107.47.

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.