Lighthouse Financial LLC Buys Shares of 4,344 Arista Networks, Inc. (NYSE:ANET)

Lighthouse Financial LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 4,344 shares of the technology company's stock, valued at approximately $480,000.

Several other institutional investors and hedge funds also recently bought and sold shares of ANET. IronOak Wealth LLC. purchased a new position in Arista Networks during the fourth quarter worth about $1,039,000. TFR Capital LLC. purchased a new position in Arista Networks in the 4th quarter worth approximately $1,572,000. Plotkin Financial Advisors LLC bought a new stake in Arista Networks in the fourth quarter valued at approximately $229,000. Probity Advisors Inc. increased its holdings in Arista Networks by 249.6% during the 4th quarter. Probity Advisors Inc. now owns 24,324 shares of the technology company's stock valued at $2,689,000 after purchasing an additional 17,367 shares during the period. Finally, Dogwood Wealth Management LLC bought a new position in shares of Arista Networks during the fourth quarter valued at approximately $57,000. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Up 0.1%

Shares of NYSE ANET traded up $0.12 during midday trading on Friday, hitting $86.49. The company's stock had a trading volume of 16,490,789 shares, compared to its average volume of 9,049,472. The firm has a market cap of $108.62 billion, a P/E ratio of 38.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The business's 50 day moving average is $81.90 and its two-hundred day moving average is $96.69. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month 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 for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the firm earned $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. On average, analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has initiated a share repurchase plan 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 shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Morgan Stanley increased their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. 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. They issued an "outperform" rating for the company. Finally, Evercore ISI dropped their target price on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $107.47.

Insiders Place Their Bets

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred 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 owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated 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 sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 237,538 shares of company stock worth $20,748,219. 3.54% of the stock is owned by corporate insiders.

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.