SteelPeak Wealth LLC Purchases 5,965 Shares of Arista Networks, Inc. (NYSE:ANET)

SteelPeak Wealth LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 22.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,625 shares of the technology company's stock after acquiring an additional 5,965 shares during the period. SteelPeak Wealth LLC's holdings in Arista Networks were worth $2,528,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the last quarter. FMR LLC lifted its position in shares of Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC lifted its position in shares of Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Price Performance

ANET stock traded up $2.42 during trading hours on Friday, reaching $108.71. 12,952,328 shares of the stock were exchanged, compared to its average volume of 9,160,375. The firm's 50-day moving average is $95.05 and its 200-day moving average is $95.11. The company has a market cap of $136.53 billion, a price-to-earnings ratio of 46.02, a PEG ratio of 3.10 and a beta of 1.40. 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 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 firm had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company's revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 EPS. As a group, equities research analysts forecast 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 stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wolfe Research assumed coverage on Arista Networks in a research note on Tuesday. They set an "outperform" rating on the stock. KeyCorp started coverage on Arista Networks in a research note on Thursday, June 26th. They set an "overweight" rating and a $115.00 price target on the stock. BNP Paribas Exane lowered Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research note on Wednesday, June 11th. Rosenblatt Securities upped their price objective on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Finally, Wedbush started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating on the stock. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and an average target price of $110.07.

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the senior vice president owned 12,976 shares in the company, valued at $1,168,748.32. This trade represents a 86.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the transaction, the director owned 123,784 shares of the company's stock, valued at $10,915,273.12. The trade was a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock worth $113,157,408 in the last quarter. Corporate 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.