Sound Income Strategies LLC Grows Stake in Arista Networks, Inc. (NYSE:ANET)

Sound Income Strategies LLC grew its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 964.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,373 shares of the technology company's stock after purchasing an additional 3,056 shares during the quarter. Sound Income Strategies LLC's holdings in Arista Networks were worth $261,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Advisors Ltd. LLC lifted its stake in shares of Arista Networks by 335.1% during 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. Quarry LP lifted its stake 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 during the period. Dunhill Financial LLC lifted its stake in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares during the period. Tradewinds Capital Management LLC lifted its position in Arista Networks by 300.0% during the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock valued at $34,000 after purchasing an additional 234 shares during the period. Finally, McIlrath & Eck LLC acquired a new position in Arista Networks during the fourth quarter valued at $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Down 3.6%

ANET stock opened at $92.28 on Monday. The stock has a market capitalization of $115.89 billion, a P/E ratio of 41.57, a P/E/G ratio of 3.10 and a beta of 1.37. The firm has a 50-day simple moving average of $85.82 and a 200-day simple moving average of $96.33. 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 released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. On average, analysts expect 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 repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ANET shares. Redburn Atlantic started coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price for the company. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group decreased their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Evercore ISI decreased their target price on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Finally, Morgan Stanley boosted their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $107.38.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock valued at $9,360,205 in the last ninety days. 3.39% of the stock is currently owned by corporate insiders.

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.

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