Western Wealth Management LLC Boosts Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Western Wealth Management LLC increased its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 76.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,944 shares of the technology company's stock after purchasing an additional 3,880 shares during the quarter. Western Wealth Management LLC's holdings in Arista Networks were worth $693,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quarry LP lifted its position in shares of 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 acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC lifted its position in shares of Arista Networks by 415.7% during 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 in the last quarter. McIlrath & Eck LLC purchased a new stake in shares of Arista Networks during the fourth quarter worth $35,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Arista Networks during the fourth quarter worth $37,000. Finally, West Paces Advisors Inc. lifted its position in shares of Arista Networks by 214.5% during the fourth quarter. West Paces Advisors Inc. now owns 368 shares of the technology company's stock worth $41,000 after acquiring an additional 251 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ANET. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Rosenblatt Securities boosted their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Morgan Stanley boosted their price target on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Finally, BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target for the company. in a research report on Wednesday, June 11th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Arista Networks presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.33.

Arista Networks Stock Down 2.2%

Shares of NYSE:ANET traded down $2.22 during midday trading on Friday, hitting $99.37. 10,389,025 shares of the stock traded hands, compared to its average volume of 9,073,337. The stock has a market capitalization of $124.81 billion, a PE ratio of 42.06, a P/E/G ratio of 2.91 and a beta of 1.37. The business's 50 day moving average is $89.99 and its two-hundred day moving average is $95.58. 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 issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the firm posted $0.50 earnings per share. The company's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock worth $14,525,085 over the last 90 days. 3.39% of the stock is owned by company insiders.

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.