Kesler Norman & Wride LLC Has $1.59 Million Stake in Arista Networks, Inc. (NYSE:ANET)

Kesler Norman & Wride LLC increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 24.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,546 shares of the technology company's stock after buying an additional 4,094 shares during the quarter. Kesler Norman & Wride LLC's holdings in Arista Networks were worth $1,592,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. HighMark Wealth Management LLC lifted its holdings in shares of Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after purchasing an additional 230 shares in the last quarter. Quarry LP lifted its holdings in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC lifted its holdings 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 valued at $29,000 after purchasing an additional 212 shares in the last quarter. Cloud Capital Management LLC bought a new stake in shares of Arista Networks in the first quarter valued at about $30,000. Finally, McIlrath & Eck LLC bought a new stake in shares of Arista Networks in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Insider Activity

In other news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the transaction, the chief executive officer owned 30,000 shares in the company, valued at approximately $3,072,900. This trade represents a 96.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the transaction, the director owned 123,784 shares in the company, valued at approximately $10,915,273.12. The trade was a 6.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,123,370 shares of company stock worth $113,157,408. Insiders own 3.39% of the company's stock.

Arista Networks Stock Up 2.3%

Shares of Arista Networks stock traded up $2.42 on Friday, hitting $108.71. The stock had a trading volume of 12,952,328 shares, compared to its average volume of 9,177,053. The stock has a market cap of $136.53 billion, a price-to-earnings ratio of 46.02, a price-to-earnings-growth ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The business's 50 day moving average is $95.05 and its two-hundred day moving average is $94.98.

Arista Networks (NYSE:ANET - Get Free Report) last issued 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. 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 prior year, the business posted $0.50 earnings per share. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, equities analysts predict 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 initiated a stock buyback plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Needham & Company LLC assumed coverage on Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating on the stock. Wolfe Research assumed coverage on Arista Networks in a report on Tuesday. They set an "outperform" rating on the stock. Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Citigroup upped their price objective on Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research note on Friday. Finally, Morgan Stanley upped their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $110.07.

Arista Networks 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.