Petra Financial Advisors Inc. Acquires Shares of 3,250 Arista Networks, Inc. (NYSE:ANET)

Petra Financial Advisors Inc. acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 3,250 shares of the technology company's stock, valued at approximately $939,000.

A number of other hedge funds have also added to or reduced their stakes in ANET. Ballentine Partners LLC bought a new stake in shares of Arista Networks during the 3rd quarter valued at $262,000. Valeo Financial Advisors LLC boosted its holdings in shares of Arista Networks by 18.6% during the 3rd quarter. Valeo Financial Advisors LLC now owns 1,590 shares of the technology company's stock valued at $292,000 after buying an additional 249 shares in the last quarter. Brookstone Capital Management bought a new stake in shares of Arista Networks during the 3rd quarter valued at $1,561,000. Commonwealth Equity Services LLC boosted its holdings in shares of Arista Networks by 41.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 90,691 shares of the technology company's stock valued at $16,681,000 after buying an additional 26,472 shares in the last quarter. Finally, RMR Wealth Builders boosted its holdings in shares of Arista Networks by 62.7% during the 3rd quarter. RMR Wealth Builders now owns 6,215 shares of the technology company's stock valued at $1,143,000 after buying an additional 2,396 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Trading Up 2.6 %

Arista Networks stock traded up $6.65 during midday trading on Thursday, hitting $261.86. The stock had a trading volume of 1,396,707 shares, compared to its average volume of 2,450,491. Arista Networks, Inc. has a 52-week low of $131.68 and a 52-week high of $307.74. The company has a market capitalization of $82.12 billion, a PE ratio of 39.86, a P/E/G ratio of 2.19 and a beta of 1.13. The firm's fifty day moving average is $278.94 and its two-hundred day moving average is $248.71.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.38. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the company posted $1.25 EPS. The firm's revenue for the quarter was up 20.8% compared to the same quarter last year. As a group, equities research analysts predict that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jayshree Ullal sold 22,000 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $303.00, for a total transaction of $6,666,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,665,300 shares in the company, valued at approximately $504,585,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the firm's stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $940,922.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 22,000 shares of the firm's stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $303.00, for a total value of $6,666,000.00. Following the completion of the sale, the chief executive officer now owns 1,665,300 shares of the company's stock, valued at $504,585,900. The disclosure for this sale can be found here. In the last ninety days, insiders sold 332,514 shares of company stock worth $95,369,397. 18.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ANET shares. JMP Securities reiterated a "market outperform" rating and issued a $325.00 price target on shares of Arista Networks in a research note on Tuesday, February 13th. The Goldman Sachs Group upped their price target on shares of Arista Networks from $313.00 to $356.00 and gave the stock a "buy" rating in a research note on Friday, March 22nd. Evercore ISI reiterated an "outperform" rating and issued a $300.00 price target on shares of Arista Networks in a research note on Wednesday, March 27th. Barclays upped their price target on shares of Arista Networks from $272.00 to $311.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 13th. Finally, Melius Research upgraded shares of Arista Networks from a "hold" rating to a "buy" rating and set a $300.00 price target on the stock in a research note on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has a consensus rating of "Moderate Buy" and a consensus price target of $275.59.

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.

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