Global Financial Private Client LLC Acquires 3,005 Shares of Arista Networks, Inc. (NYSE:ANET)

Global Financial Private Client LLC boosted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 60,100.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,010 shares of the technology company's stock after purchasing an additional 3,005 shares during the period. Global Financial Private Client LLC's holdings in Arista Networks were worth $233,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ANET. Caitlin John LLC boosted its stake in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after acquiring an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC lifted its position in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares in the last quarter. New Millennium Group LLC grew its holdings in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares during the period. Quarry LP increased its position in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares in the last quarter. Finally, Dunhill Financial LLC raised its stake in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 0.9%

ANET stock traded up $0.89 during mid-day trading on Wednesday, hitting $95.39. 4,099,806 shares of the company were exchanged, compared to its average volume of 9,025,972. The company has a market capitalization of $119.80 billion, a PE ratio of 42.97, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The firm has a fifty day simple moving average of $82.36 and a 200 day simple moving average of $96.55.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the firm posted $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has approved 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 stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total value of $6,788,000.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,101,013.60. This represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the sale, the director now directly owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 177,690 shares of company stock valued at $15,442,765 over the last three months. 3.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Barclays lowered their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. The Goldman Sachs Group reduced their price objective on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Rosenblatt Securities boosted their target price on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $107.47.

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.