Arista Networks, Inc. (NYSE:ANET) Shares Acquired by TKG Advisors LLC

TKG Advisors LLC grew its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 111.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,348 shares of the technology company's stock after acquiring an additional 2,815 shares during the quarter. TKG Advisors LLC's holdings in Arista Networks were worth $414,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Brighton Jones LLC lifted its holdings in shares of Arista Networks by 321.7% in 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 during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Arista Networks in the fourth quarter valued at approximately $202,000. Bank Pictet & Cie Europe AG lifted its stake in Arista Networks by 433.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after purchasing an additional 8,822 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Arista Networks by 307.8% during the fourth quarter. Fisher Asset Management LLC now owns 27,392 shares of the technology company's stock worth $3,028,000 after buying an additional 20,675 shares during the period. Finally, Norden Group LLC acquired a new stake in shares of Arista Networks in the fourth quarter valued at $270,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Stock Performance

NYSE ANET traded up $1.32 during trading hours on Thursday, hitting $102.45. The company had a trading volume of 5,296,699 shares, compared to its average volume of 9,105,538. The business has a 50 day moving average of $91.90 and a 200-day moving average of $95.50. The company has a market cap of $128.66 billion, a PE ratio of 43.36, a price-to-earnings-growth ratio of 2.95 and a beta of 1.40. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating 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 business's revenue was up 27.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.50 EPS. Sell-side analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has authorized a stock buyback 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 26,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,397,980.00. Following the sale, the senior vice president owned 592,400 shares of the company's stock, valued at approximately $54,637,052. The trade was a 4.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares of the company's stock, valued at $3,072,900. This represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,123,400 shares of company stock worth $113,159,520 in the last 90 days. Company insiders own 3.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ANET. Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Evercore ISI upped their price target on Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Citigroup increased their price target on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Redburn Atlantic assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective for the company. Finally, KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $109.33.

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.