Sunbelt Securities Inc. Has $2.30 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Sunbelt Securities Inc. boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 2,897.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 20,650 shares of the technology company’s stock after purchasing an additional 19,961 shares during the period. Sunbelt Securities Inc.’s holdings in Arista Networks were worth $2,301,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GTS Securities LLC raised its position in shares of Arista Networks by 119.8% during the fourth quarter. GTS Securities LLC now owns 7,782 shares of the technology company’s stock worth $860,000 after purchasing an additional 47,043 shares during the period. Fourth Dimension Wealth LLC bought a new stake in Arista Networks during the 4th quarter worth approximately $53,000. Breed s Hill Capital LLC acquired a new stake in Arista Networks during the 4th quarter worth approximately $412,000. Vise Technologies Inc. lifted its stake in Arista Networks by 731.9% in the fourth quarter. Vise Technologies Inc. now owns 8,269 shares of the technology company’s stock valued at $914,000 after buying an additional 7,275 shares in the last quarter. Finally, Pinnacle Wealth Management LLC lifted its stake in Arista Networks by 294.8% in the fourth quarter. Pinnacle Wealth Management LLC now owns 31,551 shares of the technology company’s stock valued at $3,487,000 after buying an additional 23,560 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider John F. Mccool sold 17,433 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $96.57, for a total value of $1,683,504.81. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 410,587 shares of company stock worth $37,028,000. Company insiders own 3.39% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of research analyst reports. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Citigroup increased their target price on Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. JPMorgan Chase & Co. cut their price target on Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. KGI Securities downgraded Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $130.00 target price on shares of Arista Networks in a research report on Thursday, May 15th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $107.14.

Arista Networks Trading Up 0.1%

NYSE:ANET opened at $92.51 on Friday. The stock has a market capitalization of $116.19 billion, a PE ratio of 41.67, a P/E/G ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The firm has a fifty day simple moving average of $81.26 and a 200 day simple moving average of $97.10.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company’s quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 EPS. On average, equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

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.