Secure Asset Management LLC Invests $234,000 in Arista Networks, Inc. (NYSE:ANET)

Secure Asset Management LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,016 shares of the technology company's stock, valued at approximately $234,000.

A number of other hedge funds have also recently modified their holdings of the business. Caitlin John LLC raised its holdings in Arista Networks by 174.7% in the fourth 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 lifted its position 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 acquiring an additional 191 shares in the last quarter. Fragasso Financial Advisors Inc boosted its stake in Arista Networks by 4.4% during the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company's stock valued at $360,000 after purchasing an additional 196 shares during the last quarter. Quarry LP increased its holdings in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares in the last quarter. Finally, Dunhill Financial LLC raised its stake 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 worth $29,000 after purchasing an additional 212 shares during the last quarter. Institutional investors own 82.47% of the company's stock.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,690 shares of company stock valued at $9,360,205. Corporate insiders own 3.39% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Rosenblatt Securities boosted their target price on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Citigroup lifted their price target on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Barclays decreased their target price 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. Finally, Piper Sandler restated a "neutral" rating and issued a $89.00 price target (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Five investment 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, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $107.47.

Arista Networks Price Performance

Shares of ANET stock traded down $0.32 on Monday, hitting $96.93. 7,996,883 shares of the stock traded hands, compared to its average volume of 9,068,367. The firm has a market cap of $121.74 billion, a price-to-earnings ratio of 43.66, a PEG ratio of 3.10 and a beta of 1.37. The firm has a 50 day simple moving average of $83.43 and a two-hundred day simple moving average of $96.55. 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 posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate 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 firm's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS. Sell-side analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is 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.