Wealth Enhancement Advisory Services LLC Has $57.57 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Wealth Enhancement Advisory Services LLC raised its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 535.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 520,832 shares of the technology company's stock after purchasing an additional 438,899 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Arista Networks were worth $57,568,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Stock Yards Bank & Trust Co. acquired a new stake in shares of Arista Networks during the fourth quarter worth $242,000. GHE LLC raised its stake in shares of Arista Networks by 319.0% during the 4th quarter. GHE LLC now owns 28,368 shares of the technology company's stock worth $3,136,000 after buying an additional 21,597 shares during the last quarter. Colonial River Investments LLC raised its stake in shares of Arista Networks by 327.6% during the 4th 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 position in shares of Arista Networks during the 4th quarter worth $630,000. Finally, Berkshire Capital Holdings Inc. raised its stake 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 valued at $8,505,000 after purchasing an additional 55,430 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,101,013.60. This trade represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now directly owns 139,784 shares of the company's stock, valued at $10,840,249.20. This represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 177,690 shares of company stock worth $15,442,765 over the last ninety days. 3.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ANET shares. Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. JPMorgan Chase & Co. decreased their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Needham & Company LLC started coverage on Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating for the company. Evercore ISI decreased their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Finally, The Goldman Sachs Group decreased their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $107.47.

Arista Networks Stock Up 3.6%

Shares of ANET traded up $3.11 during trading on Monday, reaching $89.75. The company's stock had a trading volume of 9,396,349 shares, compared to its average volume of 9,031,272. The company has a fifty day moving average of $82.05 and a two-hundred day moving average of $96.56. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The company has a market cap of $112.72 billion, a price-to-earnings ratio of 40.43, a P/E/G ratio of 3.10 and a beta of 1.38.

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 (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the business posted $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a share buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is 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.