Valeo Financial Advisors LLC Purchases 3,202 Shares of Arista Networks, Inc. (NYSE:ANET)

Valeo Financial Advisors LLC raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 39.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,352 shares of the technology company's stock after buying an additional 3,202 shares during the quarter. Valeo Financial Advisors LLC's holdings in Arista Networks were worth $880,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in shares of Arista Networks by 321.7% in 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 in the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Arista Networks in the fourth quarter valued at $202,000. Bank Pictet & Cie Europe AG grew its position in shares of Arista Networks by 433.7% in the fourth 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 in the last quarter. Proficio Capital Partners LLC grew its position in shares of Arista Networks by 634.3% in the fourth 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 in the last quarter. Finally, Sage Mountain Advisors LLC grew its position in shares of Arista Networks by 378.0% in the fourth 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 in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of Arista Networks stock traded up $0.13 during trading on Thursday, reaching $106.41. 9,369,978 shares of the stock traded hands, compared to its average volume of 9,139,936. The company has a market capitalization of $133.64 billion, a price-to-earnings ratio of 45.04, a P/E/G ratio of 3.01 and a beta of 1.40. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The business has a fifty day simple moving average of $94.33 and a two-hundred day simple moving average of $95.20.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion during 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%. The firm's revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the business posted $0.50 earnings per share. On average, 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 stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

ANET has been the subject of several recent research reports. Rosenblatt Securities lifted their price target on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Citigroup lifted 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. KeyCorp initiated coverage on Arista Networks in a research report on Thursday, June 26th. They issued an "overweight" rating and a $115.00 price target for the company. Wedbush initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They issued an "outperform" rating for the company. Finally, BNP Paribas Exane cut Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price for the company. in a research report on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $109.33.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the transaction, the chief executive officer owned 30,000 shares in the company, valued at approximately $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks 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 of the company's stock, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,123,370 shares of company stock worth $113,157,408. Corporate insiders own 3.39% of the company's stock.

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.