Nepsis Inc. Invests $10.93 Million in Arista Networks, Inc. (NYSE:ANET)

Nepsis Inc. purchased a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 141,118 shares of the technology company's stock, valued at approximately $10,934,000. Arista Networks makes up about 2.7% of Nepsis Inc.'s investment portfolio, making the stock its 20th biggest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the last quarter. FMR LLC raised its holdings in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after acquiring an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC raised its holdings in Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after acquiring an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its position in Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ANET shares. Evercore ISI decreased their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Needham & Company LLC assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating for the company. JPMorgan Chase & Co. lowered 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 note on Thursday, April 17th. The Goldman Sachs Group reduced their price target on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, Rosenblatt Securities boosted their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $107.38.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. The trade was a 5.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks 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 sale, 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 105,690 shares of company stock valued at $9,360,205 over the last 90 days. 3.39% of the stock is currently owned by corporate insiders.

Arista Networks Trading Down 3.6%

NYSE ANET traded down $3.49 on Friday, hitting $92.28. 6,205,708 shares of the company traded hands, compared to its average volume of 9,041,699. The business's 50 day moving average price is $85.82 and its 200-day moving average price is $96.39. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The company has a market capitalization of $115.89 billion, a price-to-earnings ratio of 41.57, a P/E/G ratio of 3.10 and a beta of 1.37.

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

Arista Networks declared that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

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.