Virtue Capital Management LLC Grows Position in Arista Networks, Inc. (NYSE:ANET)

Virtue Capital Management LLC grew its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 488.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,720 shares of the technology company's stock after purchasing an additional 3,088 shares during the period. Virtue Capital Management LLC's holdings in Arista Networks were worth $411,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Stock Yards Bank & Trust Co. bought a new stake in Arista Networks during the fourth quarter valued at about $242,000. GHE LLC boosted its stake in Arista Networks by 319.0% in the 4th quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after buying an additional 21,597 shares in the last quarter. Colonial River Investments LLC grew its stake in Arista Networks by 327.6% during the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock worth $1,077,000 after buying an additional 7,466 shares during the last quarter. Unified Investment Management acquired a new stake in shares of Arista Networks in the fourth quarter valued at $630,000. Finally, Berkshire Capital Holdings Inc. raised its position in Arista Networks by 257.6% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after purchasing an additional 55,430 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $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 accessible through the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold 237,538 shares of company stock worth $20,748,219 in the last quarter. Insiders own 3.54% of the company's stock.

Arista Networks Trading Up 0.1%

NYSE ANET traded up $0.12 during trading hours on Friday, hitting $86.49. 16,488,561 shares of the company's stock were exchanged, compared to its average volume of 9,039,236. The firm has a market cap of $108.62 billion, a price-to-earnings ratio of 38.96, a PEG ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The stock has a 50-day simple moving average of $81.90 and a 200 day simple moving average of $96.69.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company's quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its board has authorized a share buyback plan 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 shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

ANET has been the topic of several recent analyst reports. Evercore ISI reduced their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Piper Sandler reiterated a "neutral" rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Needham & Company LLC assumed coverage on Arista Networks in a research note on Wednesday. They issued a "buy" rating for the company. Finally, Citigroup upped their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $107.47.

Arista Networks Company 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.