True Vision MN LLC Buys Shares of 5,999 Arista Networks, Inc. (NYSE:ANET)

True Vision MN LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 5,999 shares of the technology company's stock, valued at approximately $465,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ANET. Brighton Jones LLC increased its holdings in shares of Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after purchasing an additional 5,955 shares during the period. Revolve Wealth Partners LLC acquired a new position in shares of Arista Networks in the 4th quarter valued at $202,000. Bank Pictet & Cie Europe AG boosted its position in shares of Arista Networks by 433.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock valued at $1,200,000 after purchasing an additional 8,822 shares during the period. Proficio Capital Partners LLC boosted its position in shares of Arista Networks by 634.3% in the 4th quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company's stock valued at $515,000 after purchasing an additional 4,028 shares during the period. Finally, Sage Mountain Advisors LLC boosted its position in shares of Arista Networks by 378.0% in the 4th quarter. Sage Mountain Advisors LLC now owns 4,617 shares of the technology company's stock valued at $510,000 after purchasing an additional 3,651 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ANET. Evercore ISI raised their price objective on Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. KGI Securities lowered Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Barclays decreased their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Finally, Citigroup raised their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $109.33.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 26,000 shares of Arista Networks stock in a transaction 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 completion of the transaction, the senior vice president owned 592,400 shares in the company, 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 SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of the company's stock in a transaction dated 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 owned 30,000 shares of the company's stock, valued at $3,072,900. This represents a 96.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,123,370 shares of company stock valued at $113,157,408 in the last 90 days. 3.39% of the stock is owned by corporate insiders.

Arista Networks Price Performance

Shares of ANET stock traded up $0.13 during trading on Thursday, reaching $106.41. The company had a trading volume of 9,369,978 shares, compared to its average volume of 9,139,780. The company has a market capitalization of $133.64 billion, a PE ratio of 45.04, a PEG ratio of 3.01 and a beta of 1.40. The firm's 50 day simple moving average is $94.33 and its two-hundred day simple moving average is $95.20. Arista Networks, Inc. has a one year low of $59.43 and a one year 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 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS. Analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

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.