WJ Wealth Management LLC Purchases 3,094 Shares of Arista Networks, Inc. (NYSE:ANET)

WJ Wealth Management LLC raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 71.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,404 shares of the technology company's stock after purchasing an additional 3,094 shares during the quarter. WJ Wealth Management LLC's holdings in Arista Networks were worth $574,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. DSG Capital Advisors LLC purchased a new position in Arista Networks in the 4th quarter worth about $5,984,000. Ibex Wealth Advisors raised its stake in shares of Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after acquiring an additional 7,329 shares in the last quarter. Unified Investment Management purchased a new stake in shares of Arista Networks in the fourth quarter valued at approximately $630,000. Berkshire Capital Holdings Inc. grew its stake in Arista Networks by 257.6% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after purchasing an additional 55,430 shares in the last quarter. Finally, Bradyco Inc. purchased a new position in Arista Networks during the 4th quarter worth $836,000. Institutional investors own 82.47% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wedbush initiated coverage on Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating for the company. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Piper Sandler reissued a "neutral" rating and set a $89.00 price objective (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Morgan Stanley boosted their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. dropped their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Arista Networks has an average rating of "Moderate Buy" and a consensus price target of $109.33.

Arista Networks Stock Down 2.2%

ANET stock opened at $99.37 on Friday. The stock has a market capitalization of $124.81 billion, a PE ratio of 42.06, a price-to-earnings-growth ratio of 2.91 and a beta of 1.37. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm has a 50 day moving average of $89.99 and a 200 day moving average of $95.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued its 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. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the business posted $0.50 EPS. The firm's quarterly revenue was up 27.6% on a year-over-year basis. On average, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has authorized a share repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,766,900.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,196,776.48. The trade was a 69.81% 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, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the sale, the director now directly owns 123,784 shares in the company, valued at $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock worth $14,525,085 over the last three months. Company insiders own 3.39% of the company's stock.

Arista Networks Company 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.

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