waypoint wealth counsel Purchases Shares of 3,407 Arista Networks, Inc. (NYSE:ANET)

waypoint wealth counsel purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,407 shares of the technology company’s stock, valued at approximately $264,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ANET. Vanguard Group Inc. lifted its stake in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after buying an additional 72,311,318 shares in the last quarter. FMR LLC lifted its position in shares of Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after acquiring an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC lifted its position in shares of Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock worth $3,016,207,000 after acquiring an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. This trade represents a 16.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction 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 transaction, the director now owns 139,784 shares in the company, valued at $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 three months, insiders have sold 161,690 shares of company stock valued at $14,525,085. Insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 3.3%

Shares of ANET stock opened at $95.02 on Wednesday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The firm’s 50 day moving average is $88.32 and its 200 day moving average is $95.73. The stock has a market capitalization of $119.34 billion, a P/E ratio of 40.22, a P/E/G ratio of 2.70 and a beta of 1.37.

Arista Networks (NYSE:ANET) last released 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. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. As a group, equities analysts predict 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 buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of recent analyst reports. 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 report on Wednesday, May 7th. 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 research note on Tuesday, May 13th. BNP Paribas cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 11th. KGI Securities cut shares of Arista Networks to a “neutral” rating in a research note on Wednesday, May 7th. Finally, Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $108.87.

Arista Networks 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.