NorthCrest Asset Manangement LLC Acquires 6,449 Shares of Arista Networks, Inc. (NYSE:ANET)

NorthCrest Asset Manangement LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 67.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,987 shares of the technology company's stock after buying an additional 6,449 shares during the period. NorthCrest Asset Manangement LLC's holdings in Arista Networks were worth $1,239,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Advisors Ltd. LLC boosted its holdings in Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares during the period. Fragasso Financial Advisors Inc raised its holdings in Arista Networks by 4.4% in the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company's stock valued at $360,000 after acquiring an additional 196 shares in the last quarter. Quarry LP lifted its position in shares of Arista Networks by 381.5% during the 4th 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. Dunhill Financial LLC grew its holdings in shares of Arista Networks by 415.7% during the 4th 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. Finally, Tradewinds Capital Management LLC increased its position in shares of Arista Networks by 300.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock worth $34,000 after purchasing an additional 234 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Trading Up 3.1%

Shares of ANET traded up $2.87 during trading hours on Monday, reaching $95.22. 2,238,350 shares of the stock traded hands, compared to its average volume of 9,017,138. The company has a market cap of $119.59 billion, a P/E ratio of 42.84, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. The company's 50-day moving average price is $85.82 and its two-hundred day moving average price is $96.33. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has authorized a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Redburn Atlantic assumed coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price on the stock. Citigroup upped their target price on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Evercore ISI lowered their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Barclays decreased their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $107.38.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the sale, the director now owns 123,784 shares of the company's stock, valued at $10,915,273.12. This represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock valued at $9,360,205 in the last 90 days. Company 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.