IronOak Wealth LLC. Purchases New Stake in Arista Networks, Inc. (NYSE:ANET)

IronOak Wealth LLC. acquired a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 9,400 shares of the technology company's stock, valued at approximately $1,039,000.

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

Arista Networks Trading Up 0.1%

ANET stock traded up $0.12 during trading on Friday, hitting $86.49. 16,490,789 shares of the company's stock were exchanged, compared to its average volume of 9,039,247. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The business has a 50-day moving average price of $81.90 and a two-hundred day moving average price of $96.69. The stock has a market capitalization of $108.62 billion, a price-to-earnings ratio of 38.96, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm's revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 earnings per share. On average, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Barclays reduced their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Evercore ISI dropped their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Rosenblatt Securities boosted their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Finally, Redburn Atlantic assumed coverage on Arista Networks in a report on Wednesday. They issued a "buy" rating and a $112.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $107.47.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total value of $712,240.00. Following the transaction, the director now owns 147,784 shares of the company's stock, valued at approximately $13,157,209.52. The trade was a 5.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the 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 of the company's stock, valued at approximately $1,101,013.60. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 237,538 shares of company stock worth $20,748,219 in the last 90 days. Company insiders own 3.54% of the company's stock.

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.