SkyOak Wealth LLC Takes Position in Arista Networks, Inc. (NYSE:ANET)

SkyOak Wealth LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,695 shares of the technology company's stock, valued at approximately $209,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its holdings in Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after acquiring an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in Arista Networks during the 4th quarter worth about $202,000. Bank Pictet & Cie Europe AG grew its holdings in Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after acquiring an additional 8,822 shares in the last quarter. Proficio Capital Partners LLC grew its holdings in Arista Networks by 634.3% during the 4th quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company's stock worth $515,000 after acquiring an additional 4,028 shares in the last quarter. Finally, PFG Advisors grew its holdings in Arista Networks by 360.7% during the 4th quarter. PFG Advisors now owns 4,930 shares of the technology company's stock worth $545,000 after acquiring an additional 3,860 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 Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the transaction, the director directly owned 123,784 shares of the company's stock, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm'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 transaction of $7,205,600.00. Following the transaction, the senior vice president directly owned 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock valued at $113,157,408 in the last three months. 3.39% of the stock is owned by insiders.

Arista Networks Stock Up 2.3%

Shares of Arista Networks stock traded up $2.42 during midday trading on Friday, hitting $108.71. The company had a trading volume of 12,952,328 shares, compared to its average volume of 9,177,053. The stock has a market cap of $136.53 billion, a price-to-earnings ratio of 46.02, a PEG ratio of 3.16 and a beta of 1.40. The company has a fifty day simple moving average of $95.05 and a 200 day simple moving average of $94.98. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. Arista Networks's revenue was up 27.6% on a year-over-year basis. During the same period last year, the firm posted $0.50 EPS. As a group, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has initiated a share repurchase program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Rosenblatt Securities increased their target price on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Needham & Company LLC initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating on the stock. Morgan Stanley raised their price target on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, KGI Securities cut shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $110.07.

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.