International Assets Investment Management LLC Acquires New Stake in Arista Networks, Inc. (NYSE:ANET)

International Assets Investment Management LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,815 shares of the technology company's stock, valued at approximately $838,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP boosted its position in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares during the last quarter. Dunhill Financial LLC boosted its position in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares during the last quarter. McIlrath & Eck LLC purchased a new stake in shares of Arista Networks during the fourth quarter valued at $35,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Arista Networks during the fourth quarter valued at $37,000. Finally, West Paces Advisors Inc. boosted its position in shares of Arista Networks by 214.5% during the fourth quarter. West Paces Advisors Inc. now owns 368 shares of the technology company's stock valued at $41,000 after buying an additional 251 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the transaction, the director now owns 123,784 shares in the company, valued at approximately $10,915,273.12. The trade was a 6.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, May 6th. The stock was 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 approximately $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 a total of 161,690 shares of company stock valued at $14,525,085 in the last quarter. 3.39% of the stock is currently owned by insiders.

Arista Networks Trading Down 2.2%

ANET traded down $2.22 on Friday, hitting $99.37. 10,389,025 shares of the company's stock traded hands, compared to its average volume of 9,083,115. The company's 50 day simple moving average is $89.42 and its 200-day simple moving average is $95.70. The firm has a market cap of $124.81 billion, a price-to-earnings ratio of 42.06, a P/E/G ratio of 2.98 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.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data 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. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company posted $0.50 EPS. The company's revenue was up 27.6% compared to the same quarter last year. As a group, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has initiated a share 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 buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ANET has been the topic of several research reports. Morgan Stanley raised their target price on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. The Goldman Sachs Group dropped their target price on 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 cut Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Wedbush started coverage on Arista Networks in a research report on Wednesday, May 28th. They issued an "outperform" rating on the stock. Finally, KeyCorp started coverage on Arista Networks in a research note on Thursday. They issued an "overweight" rating and a $115.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $109.33.

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.