KKM Financial LLC Acquires 2,946 Shares of Arista Networks, Inc. (NYSE:ANET)

KKM Financial LLC grew its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 300.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,928 shares of the technology company's stock after buying an additional 2,946 shares during the period. KKM Financial LLC's holdings in Arista Networks were worth $434,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ANET. Principal Financial Group Inc. increased its position in Arista Networks by 9.3% during the 3rd quarter. Principal Financial Group Inc. now owns 339,556 shares of the technology company's stock worth $130,328,000 after buying an additional 29,006 shares during the period. ORG Partners LLC increased its position in Arista Networks by 179.7% during the 4th quarter. ORG Partners LLC now owns 400 shares of the technology company's stock worth $44,000 after buying an additional 257 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Arista Networks by 0.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 82,495 shares of the technology company's stock worth $9,118,000 after buying an additional 562 shares during the period. Harbor Capital Advisors Inc. raised its stake in Arista Networks by 308.2% in the fourth quarter. Harbor Capital Advisors Inc. now owns 10,809 shares of the technology company's stock valued at $1,195,000 after purchasing an additional 8,161 shares in the last quarter. Finally, HBW Advisory Services LLC raised its stake in Arista Networks by 329.1% in the fourth quarter. HBW Advisory Services LLC now owns 3,141 shares of the technology company's stock valued at $347,000 after purchasing an additional 2,409 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Arista Networks Trading Up 0.6%

NYSE ANET traded up $0.61 on Wednesday, hitting $97.86. 11,716,798 shares of the company were exchanged, compared to its average volume of 9,079,362. The company has a market cap of $122.90 billion, a PE ratio of 44.08, a PEG ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The stock has a fifty day moving average of $79.58 and a 200-day moving average of $97.25.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the firm earned $0.50 earnings per share. The business's quarterly revenue was up 27.6% compared to the same quarter last year. On average, analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

ANET has been the subject of a number of analyst reports. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Morgan Stanley boosted their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Rosenblatt Securities boosted their price target on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and an average price target of $107.14.

Insiders Place Their Bets

In related news, Director Kelly Bodnar Battles sold 1,488 shares of the business's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the transaction, the director now owns 8,128 shares of the company's stock, valued at approximately $870,752.64. The trade was a 15.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on 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 transaction, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 412,355 shares of company stock valued at $37,216,079. Company insiders own 3.39% of the company's stock.

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.