Arista Networks, Inc. (NYSE:ANET) is Pinnacle Wealth Management LLC's 6th Largest Position

Pinnacle Wealth Management LLC grew its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 294.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,551 shares of the technology company's stock after purchasing an additional 23,560 shares during the quarter. Arista Networks makes up 3.9% of Pinnacle Wealth Management LLC's investment portfolio, making the stock its 6th largest position. Pinnacle Wealth Management LLC's holdings in Arista Networks were worth $3,487,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Caitlin John LLC raised its stake in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC boosted its position in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares during the period. New Millennium Group LLC lifted its holdings in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 195 shares in the last quarter. Quarry LP grew its position in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares in the last quarter. Finally, Dunhill Financial LLC grew its holdings in 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 acquiring an additional 212 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Activity at Arista Networks

In other news, SVP Marc Taxay sold 51,848 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John F. Mccool sold 17,433 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $96.57, for a total value of $1,683,504.81. The disclosure for this sale can be found here. Insiders have sold 254,971 shares of company stock valued at $22,431,724 over the last three months. 3.39% of the stock is owned by corporate insiders.

Arista Networks Trading Up 1.4%

Arista Networks stock traded up $1.28 during midday trading on Tuesday, reaching $92.48. The stock had a trading volume of 5,860,861 shares, compared to its average volume of 8,981,850. The company has a market capitalization of $116.15 billion, a P/E ratio of 41.66, a PEG ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The company has a fifty day moving average price of $81.54 and a two-hundred day moving average price of $96.84.

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 analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business's revenue for the quarter was up 27.6% on a year-over-year basis. During the same period last year, the business posted $0.50 earnings per share. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ANET shares. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Needham & Company LLC reiterated a "buy" rating and issued a $130.00 price objective on shares of Arista Networks in a research note on Thursday, May 15th. Finally, Morgan Stanley boosted their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Arista Networks has a consensus rating of "Moderate Buy" and an average price target of $107.14.

About Arista Networks

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.