Pacific Point Advisors LLC Purchases Shares of 18,881 Arista Networks, Inc. (NYSE:ANET)

Pacific Point Advisors LLC 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 disclosure with the Securities & Exchange Commission. The institutional investor acquired 18,881 shares of the technology company's stock, valued at approximately $1,463,000.

Several other hedge funds have also modified their holdings of the stock. HighMark Wealth Management LLC grew its holdings in shares of Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares during the last quarter. Quarry LP lifted its stake in Arista Networks by 381.5% in the fourth 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 last quarter. Dunhill Financial LLC boosted its holdings in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after acquiring an additional 212 shares during the period. Cloud Capital Management LLC purchased a new position in shares of Arista Networks during the first quarter worth approximately $30,000. Finally, McIlrath & Eck LLC acquired a new position in shares of Arista Networks in the 4th quarter valued at $35,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Up 1.3%

NYSE:ANET opened at $102.45 on Monday. The company has a market capitalization of $128.66 billion, a PE ratio of 43.36, a price-to-earnings-growth ratio of 2.99 and a beta of 1.40. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The stock has a fifty day simple moving average of $92.93 and a 200-day simple moving average of $95.14.

Arista Networks (NYSE:ANET - Get Free Report) last issued 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. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company's revenue was up 27.6% on a year-over-year basis. During the same period last year, the company posted $0.50 EPS. As a group, equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has authorized a stock buyback program 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 stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the transaction, the director owned 65,784 shares of the company's stock, valued at $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 26,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total transaction of $2,397,980.00. Following the completion of the sale, the senior vice president directly owned 592,400 shares of the company's stock, valued at $54,637,052. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,123,370 shares of company stock valued at $113,157,408 in the last ninety days. Insiders own 3.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ANET shares. Morgan Stanley raised their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Rosenblatt Securities raised their price target on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Barclays decreased their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Finally, Wedbush assumed coverage on Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating for the company. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $109.33.

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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