Visionary Wealth Advisors Purchases 3,678 Shares of Arista Networks, Inc. (NYSE:ANET)

Visionary Wealth Advisors raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 324.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,812 shares of the technology company's stock after purchasing an additional 3,678 shares during the quarter. Visionary Wealth Advisors' holdings in Arista Networks were worth $532,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ANET. Caitlin John LLC boosted its position in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after acquiring an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its stake in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares in the last quarter. Trust Co. of Vermont increased its stake in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after acquiring an additional 198 shares during the period. New Millennium Group LLC raised its position in Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 195 shares in the last quarter. Finally, Quarry LP lifted its stake in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ANET. The Goldman Sachs Group dropped their price objective on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. JPMorgan Chase & Co. reduced their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Evercore ISI decreased 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. Finally, Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $107.14.

Arista Networks Stock Performance

NYSE ANET traded down $1.37 during trading on Monday, hitting $91.19. 7,449,715 shares of the company's stock traded hands, compared to its average volume of 8,986,287. The stock has a market capitalization of $114.52 billion, a price-to-earnings ratio of 41.08, a PEG ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The business has a 50 day moving average of $81.40 and a 200-day moving average of $96.90.

Arista Networks (NYSE:ANET - Get Free Report) last issued its 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 business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm's revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.50 EPS. On average, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Insider Activity

In other news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares of the company's stock, valued at $512,305.20. The trade was a 16.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,971 shares of company stock valued at $22,431,724. Corporate insiders own 3.39% of the company's stock.

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.