OMNI 360 Wealth Inc. Makes New Investment in Arista Networks, Inc. (NYSE:ANET)

OMNI 360 Wealth Inc. acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,801 shares of the technology company's stock, valued at approximately $217,000.

A number of other institutional investors have also modified their holdings of the business. HighMark Wealth Management LLC increased its stake in Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after buying an additional 230 shares during the period. Quarry LP increased its stake in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares during the period. Dunhill Financial LLC increased its stake 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 buying an additional 212 shares during the period. Cloud Capital Management LLC acquired a new position in Arista Networks in the 1st quarter valued at $30,000. Finally, McIlrath & Eck LLC acquired a new position in Arista Networks in the 4th quarter valued at $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent research reports. Wedbush started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating on the stock. Citigroup boosted their target price on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a research report on Wednesday, June 11th. Finally, Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $109.33.

Arista Networks Price Performance

Shares of ANET stock opened at $101.57 on Tuesday. The firm's 50-day simple moving average is $93.40 and its 200-day simple moving average is $95.06. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The firm has a market cap of $127.56 billion, a P/E ratio of 42.99, a PEG ratio of 2.99 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (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 for the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the company earned $0.50 earnings per share. The company's quarterly revenue was up 27.6% on a year-over-year basis. Analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a share repurchase plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the transaction, the chief executive officer directly owned 30,000 shares of the company's stock, valued at $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 26,000 shares of Arista Networks stock in a transaction that occurred on 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 transaction, the senior vice president directly owned 592,400 shares in the company, valued at approximately $54,637,052. This trade represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. Insiders own 3.54% of the company's stock.

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.

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