Contravisory Investment Management Inc. Buys 2,849 Shares of Arista Networks, Inc. (NYSE:ANET)

Contravisory Investment Management Inc. boosted its stake in Arista Networks, Inc. (NYSE:ANET) by 28.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,897 shares of the technology company’s stock after purchasing an additional 2,849 shares during the period. Contravisory Investment Management Inc.’s holdings in Arista Networks were worth $999,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ANET. Caitlin John LLC grew its stake in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC grew its position in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after buying an additional 191 shares during the period. Fragasso Financial Advisors Inc grew its position in Arista Networks by 4.4% during the first quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company’s stock valued at $360,000 after buying an additional 196 shares during the period. Quarry LP raised its position in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 206 shares during the period. Finally, Dunhill Financial LLC boosted its stake in shares of Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after acquiring an additional 212 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $88.58, for a total transaction of $708,640.00. Following the completion of the sale, the director now owns 131,784 shares in the company, valued at approximately $11,673,426.72. This represents a 5.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of 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. In the last quarter, insiders have sold 177,690 shares of company stock valued at $15,442,765. Company insiders own 3.39% of the company’s stock.

Arista Networks Price Performance

Shares of ANET stock opened at $94.54 on Wednesday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company has a market capitalization of $118.73 billion, a P/E ratio of 42.59, a P/E/G ratio of 3.10 and a beta of 1.38. The company’s 50-day simple moving average is $82.36 and its two-hundred day simple moving average is $96.55.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.50 EPS. On average, research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have commented on ANET shares. Morgan Stanley upped their price target on Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Redburn Atlantic started coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a “buy” rating and a $112.00 price target for the company. Citigroup raised their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Finally, The Goldman Sachs Group cut their price target on Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.47.

Arista Networks Company 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.