Lecap Asset Management Ltd. Has $3 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Lecap Asset Management Ltd. lifted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 229.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,707 shares of the technology company's stock after buying an additional 26,953 shares during the period. Arista Networks comprises 0.7% of Lecap Asset Management Ltd.'s portfolio, making the stock its 26th biggest holding. Lecap Asset Management Ltd.'s holdings in Arista Networks were worth $2,999,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. Global Assets Advisory LLC raised its holdings in Arista Networks by 168.6% in the 1st quarter. Global Assets Advisory LLC now owns 13,424 shares of the technology company's stock valued at $1,005,000 after acquiring an additional 8,427 shares in the last quarter. Archford Capital Strategies LLC increased its position in shares of Arista Networks by 21.1% during the first quarter. Archford Capital Strategies LLC now owns 37,065 shares of the technology company's stock valued at $2,872,000 after purchasing an additional 6,448 shares during the period. Moran Wealth Management LLC acquired a new position in shares of Arista Networks in the first quarter valued at $15,097,000. International Assets Investment Management LLC acquired a new position in shares of Arista Networks in the first quarter valued at $838,000. Finally, Harbour Capital Advisors LLC lifted its position in Arista Networks by 29.5% in the first quarter. Harbour Capital Advisors LLC now owns 18,297 shares of the technology company's stock worth $1,304,000 after purchasing an additional 4,172 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Up 5.6%

ANET stock traded up $5.40 during midday trading on Thursday, reaching $101.71. 15,250,168 shares of the company's stock traded hands, compared to its average volume of 9,081,478. The company has a 50-day simple moving average of $88.81 and a two-hundred day simple moving average of $95.73. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The company has a market cap of $127.74 billion, a price-to-earnings ratio of 43.05, a PEG ratio of 2.79 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last announced its 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. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the prior year, the business earned $0.50 earnings per share. The business's revenue for the quarter was up 27.6% on a year-over-year basis. Equities research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,766,900.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $1,196,776.48. This trade represents a 69.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now directly owns 7,480 shares in the company, valued at $512,305.20. This trade represents a 16.63% 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 90 days. 3.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a report on Wednesday, June 11th. JPMorgan Chase & Co. decreased their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and increased their price target for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Morgan Stanley lifted 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, BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock 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.