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

Golden State Wealth Management LLC increased its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 1,275.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,794 shares of the technology company's stock after acquiring an additional 9,082 shares during the quarter. Golden State Wealth Management LLC's holdings in Arista Networks were worth $759,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in shares of 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 purchasing an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Arista Networks in the fourth quarter valued at $202,000. Bank Pictet & Cie Europe AG lifted its holdings in Arista Networks by 433.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock valued at $1,200,000 after buying an additional 8,822 shares during the period. IFP Advisors Inc boosted its position in Arista Networks by 319.7% during the fourth quarter. IFP Advisors Inc now owns 6,069 shares of the technology company's stock valued at $671,000 after acquiring an additional 4,623 shares during the last quarter. Finally, Lake Street Advisors Group LLC grew its holdings in Arista Networks by 661.3% during the 4th quarter. Lake Street Advisors Group LLC now owns 16,170 shares of the technology company's stock worth $1,787,000 after acquiring an additional 14,046 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

ANET traded down $2.22 during midday trading on Friday, reaching $99.37. 10,389,025 shares of the company were exchanged, compared to its average volume of 9,086,685. The company has a market cap of $124.81 billion, a price-to-earnings ratio of 42.06, a price-to-earnings-growth ratio of 2.82 and a beta of 1.37. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company's fifty day moving average price is $89.42 and its 200 day moving average price is $95.70.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating 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 return on equity of 30.48% and a net margin of 40.72%. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.50 earnings per share. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Evercore ISI boosted their price objective on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday. Rosenblatt Securities boosted their price target on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. The Goldman Sachs Group reduced their price objective on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Morgan Stanley lifted their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $109.33.

Insiders Place Their Bets

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction 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 sale, the director now directly owns 123,784 shares in the company, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company's 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 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. Insiders have sold 161,690 shares of company stock valued at $14,525,085 in the last three months. 3.39% of the stock is currently owned by insiders.

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.