Twin Capital Management Inc. Has $3.21 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Twin Capital Management Inc. decreased its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 44.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 41,434 shares of the technology company's stock after selling 33,183 shares during the period. Twin Capital Management Inc.'s holdings in Arista Networks were worth $3,210,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. HighMark Wealth Management LLC increased its position in shares of Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares during the last quarter. Quarry LP increased its stake in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares during the period. Dunhill Financial LLC lifted its holdings in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after acquiring an additional 212 shares during the last quarter. Cloud Capital Management LLC purchased a new position in Arista Networks in the 1st quarter worth about $30,000. Finally, McIlrath & Eck LLC purchased a new stake in shares of Arista Networks in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Performance

NYSE ANET traded down $1.87 during trading hours on Tuesday, reaching $109.74. 5,171,138 shares of the company's stock were exchanged, compared to its average volume of 9,145,146. The company has a market capitalization of $137.82 billion, a price-to-earnings ratio of 46.43, a price-to-earnings-growth ratio of 3.26 and a beta of 1.40. The company's 50-day moving average is $97.19 and its two-hundred day moving average is $94.78. 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 posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the business posted $0.50 EPS. The company's quarterly revenue was up 27.6% on a year-over-year basis. Research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the transaction, the director owned 65,784 shares of the company's stock, valued at $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the transaction, the chief executive officer directly owned 30,000 shares of the company's stock, valued at approximately $3,072,900. This trade 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 1,177,878 shares of company stock valued at $119,281,861 in the last quarter. Company insiders own 3.39% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on ANET shares. Wolfe Research began coverage on Arista Networks in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. Needham & Company LLC started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating on the stock. Wedbush started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating for the company. Redburn Atlantic began coverage on Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. Finally, Morgan Stanley upped 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. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $111.40.

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.