Moran Wealth Management LLC Acquires Shares of 194,850 Arista Networks, Inc. (NYSE:ANET)

Moran Wealth Management LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 194,850 shares of the technology company's stock, valued at approximately $15,097,000.

Several other institutional investors have also added to or reduced their stakes in ANET. Capital Advisors Ltd. LLC increased its stake 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 purchasing an additional 191 shares during the period. Quarry LP grew its stake in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the last quarter. Dunhill Financial LLC lifted its position in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after acquiring an additional 212 shares in the last quarter. McIlrath & Eck LLC purchased a new stake in shares of Arista Networks during the fourth quarter valued at $35,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Arista Networks in the fourth quarter worth approximately $37,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Trading Up 5.6%

ANET stock traded up $5.40 during midday trading on Thursday, hitting $101.71. 15,250,168 shares of the company's stock were exchanged, compared to its average volume of 9,073,065. The stock has a market capitalization of $127.74 billion, a price-to-earnings ratio of 43.05, a price-to-earnings-growth ratio of 2.79 and a beta of 1.37. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The firm has a 50 day moving average price of $88.81 and a 200-day moving average price of $95.73.

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. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the firm earned $0.50 earnings per share. The company's quarterly revenue was up 27.6% on a year-over-year basis. On average, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has initiated a share 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ANET shares. Evercore ISI increased their target price on shares of Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Wedbush started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating on the stock. Morgan Stanley lifted their target price on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Finally, UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and upped their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks currently has a consensus rating of "Moderate Buy" and an average target price of $109.33.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 26,000 shares of the firm's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,397,980.00. Following the completion of the transaction, the senior vice president now owns 592,400 shares in the company, valued at $54,637,052. This trade represents a 4.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the sale, the director now owns 123,784 shares of the company's stock, valued at approximately $10,915,273.12. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock worth $14,525,085 over the last ninety days. 3.39% of the stock is currently owned by insiders.

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.