Sovran Advisors LLC Increases Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Sovran Advisors LLC raised its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 13.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,443 shares of the technology company's stock after purchasing an additional 4,604 shares during the quarter. Sovran Advisors LLC's holdings in Arista Networks were worth $2,737,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Weaver Capital Management LLC increased its position in shares of Arista Networks by 0.8% during the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock valued at $1,662,000 after buying an additional 162 shares during the period. First American Bank grew its holdings in shares of Arista Networks by 1.1% during the 1st quarter. First American Bank now owns 14,478 shares of the technology company's stock worth $1,122,000 after acquiring an additional 164 shares during the period. ORG Partners LLC raised its position in shares of Arista Networks by 43.8% in the 1st quarter. ORG Partners LLC now owns 575 shares of the technology company's stock worth $45,000 after acquiring an additional 175 shares in the last quarter. RMR Wealth Builders lifted its stake in shares of Arista Networks by 0.6% in the 1st quarter. RMR Wealth Builders now owns 30,642 shares of the technology company's stock valued at $2,374,000 after purchasing an additional 180 shares during the period. Finally, Fragasso Financial Advisors Inc grew its stake in Arista Networks by 4.4% in the first quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company's stock worth $360,000 after purchasing an additional 196 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $99.37 on Friday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The stock's fifty day moving average price is $89.99 and its 200-day moving average price is $95.58. The company has a market cap of $124.81 billion, a P/E ratio of 42.06, a PEG ratio of 2.91 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results 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. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the firm earned $0.50 EPS. Arista Networks's revenue was up 27.6% on a year-over-year basis. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ANET shares. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Rosenblatt Securities upped their price objective 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. Morgan Stanley raised their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. BNP Paribas cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Finally, Citigroup upped their price target on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $109.33.

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was 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. This trade represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 161,690 shares of company stock worth $14,525,085 over the last quarter. Company insiders own 3.39% of the company's stock.

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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