Golden State Wealth Management LLC Increases Stake in Arista Networks, Inc. (NYSE:ANET)

Golden State Wealth Management LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 564.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 4,732 shares of the technology company's stock after acquiring an additional 4,020 shares during the quarter. Golden State Wealth Management LLC's holdings in Arista Networks were worth $367,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. DSG Capital Advisors LLC bought a new position in Arista Networks in the 4th quarter worth about $5,984,000. Ibex Wealth Advisors raised its holdings in shares of Arista Networks by 14.4% in the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after acquiring an additional 7,329 shares in the last quarter. Berkshire Capital Holdings Inc. raised its holdings in shares of Arista Networks by 257.6% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after acquiring an additional 55,430 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in shares of Arista Networks in the 1st quarter valued at about $629,000. Finally, Legal & General Group Plc raised its holdings in shares of Arista Networks by 227.7% in the 4th quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company's stock valued at $863,749,000 after acquiring an additional 5,429,857 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Arista Networks Stock Up 1.3%

Shares of ANET stock traded up $1.32 during mid-day trading on Friday, reaching $102.45. 5,296,699 shares of the company's stock traded hands, compared to its average volume of 9,120,294. The company has a market cap of $128.66 billion, a P/E ratio of 43.36, a P/E/G ratio of 2.99 and a beta of 1.40. The company's 50-day moving average price is $92.93 and its 200-day moving average price is $95.24. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (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 net margin of 40.72% and a return on equity of 30.48%. Arista Networks's revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.50 EPS. Equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has initiated a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president owned 12,976 shares in the company, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the transaction, the director owned 123,784 shares in the company, valued at $10,915,273.12. This trade represents a 6.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,123,400 shares of company stock worth $113,159,520. Company insiders own 3.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ANET. KeyCorp began coverage on Arista Networks in a report on Thursday, June 26th. They set an "overweight" rating and a $115.00 price objective on the stock. Piper Sandler reissued a "neutral" rating and set a $89.00 price objective (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Citigroup raised their price objective on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Morgan Stanley raised their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $109.33.

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.