Wealthcare Advisory Partners LLC Purchases New Position in Arista Networks, Inc. (NYSE:ANET)

Wealthcare Advisory Partners LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,943 shares of the technology company's stock, valued at approximately $460,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Capital Advisors Ltd. LLC raised its stake in shares of Arista Networks by 335.1% during the 4th 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. Quarry LP increased its stake in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC increased its stake 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 purchasing an additional 212 shares in the last quarter. Hemington Wealth Management increased its stake in Arista Networks by 409.7% in the 4th quarter. Hemington Wealth Management now owns 316 shares of the technology company's stock valued at $34,000 after purchasing an additional 254 shares in the last quarter. Finally, Tradewinds Capital Management LLC increased its stake in Arista Networks by 300.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock valued at $34,000 after purchasing an additional 234 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Trading Down 3.6%

ANET traded down $3.49 on Friday, reaching $92.28. The company had a trading volume of 6,205,708 shares, compared to its average volume of 9,043,529. The company has a fifty day moving average of $85.82 and a 200-day moving average of $96.36. The company has a market capitalization of $115.89 billion, a P/E ratio of 41.57, a PEG ratio of 3.10 and a beta of 1.37. 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 announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Arista Networks's revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. Research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has authorized a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In related news, 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 transaction of $7,205,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the transaction, the director now directly owns 123,784 shares in the company, valued at $10,915,273.12. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 over the last three months. Company insiders own 3.39% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a research note on Wednesday. Evercore ISI dropped their price objective on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Needham & Company LLC assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating for the company. Finally, Rosenblatt Securities raised their price objective on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $107.38.

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.