Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Boomfish Wealth Group LLC

Boomfish Wealth Group LLC increased its position in Arista Networks, Inc. (NYSE:ANET) by 5.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 30,251 shares of the technology company’s stock after acquiring an additional 1,493 shares during the period. Arista Networks comprises about 1.5% of Boomfish Wealth Group LLC’s holdings, making the stock its 28th biggest position. Boomfish Wealth Group LLC’s holdings in Arista Networks were worth $2,344,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Capital Advisors Ltd. LLC raised its position in shares of Arista Networks by 335.1% in 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 last quarter. Quarry LP grew its holdings in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC grew 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 purchasing an additional 212 shares during the period. Tradewinds Capital Management LLC grew its holdings in Arista Networks by 300.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company’s stock valued at $34,000 after purchasing an additional 234 shares during the period. Finally, McIlrath & Eck LLC purchased a new stake in Arista Networks in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. This trade 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 105,690 shares of company stock valued at $9,360,205. Company insiders own 3.39% of the company’s stock.

Arista Networks Price Performance

ANET opened at $94.97 on Tuesday. The stock has a market capitalization of $119.28 billion, a PE ratio of 42.78, a P/E/G ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The firm’s fifty day moving average price is $86.33 and its 200 day moving average price is $96.28.

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 analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm’s revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.50 earnings per share. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ANET shares. Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. JPMorgan Chase & Co. lowered their target price on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Needham & Company LLC started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a “buy” rating for the company. Redburn Atlantic started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a “buy” rating and a $112.00 price objective for the company. Finally, BNP Paribas Exane downgraded shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price objective for the company. in a research note on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $107.38.

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.