Focus Partners Wealth Has $9.11 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Focus Partners Wealth lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 581.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,036 shares of the technology company's stock after buying an additional 70,006 shares during the period. Focus Partners Wealth's holdings in Arista Networks were worth $9,107,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Aprio Wealth Management LLC lifted its stake in Arista Networks by 300.0% in the 4th quarter. Aprio Wealth Management LLC now owns 2,672 shares of the technology company's stock valued at $295,000 after purchasing an additional 2,004 shares during the last quarter. Brookstone Capital Management lifted its stake in Arista Networks by 373.2% in the 4th quarter. Brookstone Capital Management now owns 85,705 shares of the technology company's stock valued at $9,473,000 after purchasing an additional 67,592 shares during the last quarter. Capital Investment Advisors LLC lifted its stake in Arista Networks by 371.7% in the 4th quarter. Capital Investment Advisors LLC now owns 3,750 shares of the technology company's stock valued at $415,000 after purchasing an additional 2,955 shares during the last quarter. CHICAGO TRUST Co NA lifted its stake in Arista Networks by 262.7% in the 4th quarter. CHICAGO TRUST Co NA now owns 2,176 shares of the technology company's stock valued at $241,000 after purchasing an additional 1,576 shares during the last quarter. Finally, Fragasso Financial Advisors Inc lifted its stake in Arista Networks by 305.6% in the 4th quarter. Fragasso Financial Advisors Inc now owns 4,449 shares of the technology company's stock valued at $492,000 after purchasing an additional 3,352 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the sale, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. This trade represents a 59.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 410,867 shares of company stock valued at $37,056,669 over the last three months. 3.39% of the stock is owned by insiders.

Arista Networks Stock Up 0.2%

Shares of ANET traded up $0.24 during mid-day trading on Friday, hitting $96.31. 5,866,947 shares of the company's stock were exchanged, compared to its average volume of 9,063,159. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock's 50-day simple moving average is $80.29 and its 200-day simple moving average is $97.21. The firm has a market cap of $120.95 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth 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, beating analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. Analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share repurchase 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 usually a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ANET shares. Needham & Company LLC reiterated a "buy" rating and issued a $130.00 target price on shares of Arista Networks in a research note on Thursday. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and increased their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Rosenblatt Securities increased their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $107.14.

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.