Arista Networks, Inc. (NYSE:ANET) Shares Purchased by Brighton Jones LLC

Brighton Jones LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 151.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,610 shares of the technology company’s stock after acquiring an additional 11,804 shares during the period. Brighton Jones LLC’s holdings in Arista Networks were worth $1,519,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. RMR Wealth Builders raised its holdings in shares of Arista Networks by 0.6% during the 1st quarter. RMR Wealth Builders now owns 30,642 shares of the technology company’s stock worth $2,374,000 after acquiring an additional 180 shares during the period. Capital Advisors Ltd. LLC raised its stake in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after purchasing an additional 191 shares during the period. Fragasso Financial Advisors Inc boosted its holdings in Arista Networks by 4.4% in the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company’s stock valued at $360,000 after purchasing an additional 196 shares during the last quarter. Quarry LP increased its holdings in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 206 shares during the last quarter. Finally, Dunhill Financial LLC lifted its holdings in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock valued at $29,000 after acquiring an additional 212 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and increased their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Redburn Atlantic began coverage on Arista Networks in a research report on Wednesday, May 28th. They issued a “buy” rating and a $112.00 target price for the company. Rosenblatt Securities increased their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Evercore ISI dropped their price objective on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Finally, Citigroup increased their target price on shares of Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average target price of $107.38.

Arista Networks Trading Down 3.6%

Shares of ANET stock opened at $92.28 on Monday. The company has a market cap of $115.89 billion, a P/E ratio of 41.57, a PEG ratio of 3.10 and a beta of 1.37. The firm has a fifty day moving average price of $85.82 and a 200 day moving average price of $96.33. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58.

Arista Networks (NYSE:ANET) last announced its quarterly 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 29.91% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the business earned $0.50 EPS. Arista Networks’s revenue for the quarter was up 27.6% on a year-over-year basis. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has authorized a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the transaction, the director now owns 123,784 shares in the company, valued at approximately $10,915,273.12. This represents a 6.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the sale, the director now owns 7,480 shares in the company, valued at $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock worth $9,360,205 over the last 90 days. 3.39% of the stock is owned by insiders.

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.