3,441 Shares in Arista Networks, Inc. (NYSE:ANET) Acquired by Legacy Financial Strategies LLC

Legacy Financial Strategies LLC acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,441 shares of the technology company's stock, valued at approximately $267,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Caitlin John LLC boosted its stake in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after buying an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC increased its position in Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares during the period. New Millennium Group LLC increased its position in shares of Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares during the period. Quarry LP grew its position in 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 acquiring an additional 206 shares during the period. Finally, Dunhill Financial LLC boosted its stake in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Performance

ANET traded up $3.11 during midday trading on Monday, hitting $89.75. The company had a trading volume of 9,396,349 shares, compared to its average volume of 9,031,206. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The firm's 50-day simple moving average is $81.89 and its 200-day simple moving average is $96.59. The company has a market capitalization of $112.72 billion, a PE ratio of 40.43, a P/E/G ratio of 3.10 and a beta of 1.38.

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

Arista Networks announced that its Board of Directors has approved a share repurchase 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ANET shares. Morgan Stanley increased their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and boosted their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Citigroup upped their target price on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Rosenblatt Securities increased their target price on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. decreased their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $107.47.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,101,013.60. This represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at approximately $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 177,690 shares of company stock worth $15,442,765 in the last ninety days. Corporate insiders own 3.39% 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.