Geller Advisors LLC Raises Stock Position in Arista Networks, Inc. (NYSE:ANET)

Geller Advisors LLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 313.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,400 shares of the technology company’s stock after acquiring an additional 2,577 shares during the period. Geller Advisors LLC’s holdings in Arista Networks were worth $376,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Gen Wealth Partners Inc grew its position in shares of Arista Networks by 300.0% in the 4th quarter. Gen Wealth Partners Inc now owns 812 shares of the technology company’s stock worth $90,000 after buying an additional 609 shares during the last quarter. Global Assets Advisory LLC increased its holdings in shares of Arista Networks by 279.4% in the fourth quarter. Global Assets Advisory LLC now owns 4,997 shares of the technology company’s stock valued at $559,000 after purchasing an additional 3,680 shares during the period. Gotham Asset Management LLC lifted its holdings in shares of Arista Networks by 166.8% during the fourth quarter. Gotham Asset Management LLC now owns 29,729 shares of the technology company’s stock worth $3,286,000 after purchasing an additional 18,587 shares during the period. Graham Capital Management L.P. boosted its position in Arista Networks by 37.8% in the fourth quarter. Graham Capital Management L.P. now owns 24,931 shares of the technology company’s stock valued at $2,756,000 after buying an additional 6,843 shares during the last quarter. Finally, Focus Partners Wealth lifted its stake in Arista Networks by 581.9% during the 4th quarter. Focus Partners Wealth now owns 82,036 shares of the technology company’s stock valued at $9,107,000 after acquiring an additional 70,006 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on ANET shares. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Evercore ISI lowered their price target on Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price 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. Erste Group Bank cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, The Goldman Sachs Group decreased their price target on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.07.

Insider Buying and Selling

In other news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total value of $712,240.00. Following the transaction, the director now directly owns 147,784 shares of the company’s stock, valued at approximately $13,157,209.52. This represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 412,355 shares of company stock worth $37,216,079 in the last 90 days. Company insiders own 3.39% of the company’s stock.

Arista Networks Stock Down 1.3 %

ANET stock opened at $86.15 on Friday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The business has a 50 day moving average price of $78.94 and a 200 day moving average price of $97.31. The stock has a market cap of $108.17 billion, a price-to-earnings ratio of 38.81, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.97 billion. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.50 earnings per share. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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.