Wealthedge Investment Advisors LLC Purchases New Holdings in Arista Networks, Inc. (NYSE:ANET)

Wealthedge Investment Advisors LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 12,449 shares of the technology company's stock, valued at approximately $1,376,000.

Several other large investors have also added to or reduced their stakes in the company. Caitlin John LLC raised its holdings in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC grew its position in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares in the last quarter. New Millennium Group LLC grew 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 acquiring an additional 195 shares during the period. Quarry LP grew its position in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the period. Finally, Dunhill Financial LLC grew its position in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ANET shares. JPMorgan Chase & Co. lowered their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. 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. KGI Securities cut Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. 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. Finally, Rosenblatt Securities lifted 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. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $107.47.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the business's 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 sale, the director now directly owns 7,480 shares of the company's stock, valued at approximately $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 accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last three months, insiders sold 237,538 shares of company stock valued at $20,748,219. Insiders own 3.54% of the company's stock.

Arista Networks Stock Performance

NYSE ANET traded up $0.12 during trading on Friday, reaching $86.49. 16,490,789 shares of the company's stock were exchanged, compared to its average volume of 9,029,731. The stock has a market cap of $108.62 billion, a P/E ratio of 38.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The company has a 50 day moving average price of $81.89 and a two-hundred day moving average price of $96.59. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58.

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 analysts' consensus estimates of $0.59 by $0.06. The company 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%. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 EPS. Research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

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.