River Street Advisors LLC raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 18.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,990 shares of the technology company’s stock after purchasing an additional 950 shares during the quarter. River Street Advisors LLC’s holdings in Arista Networks were worth $464,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in ANET. 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 purchasing an additional 191 shares during the period. Quarry LP grew its stake in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after buying an additional 206 shares in the last quarter. Dunhill Financial LLC lifted its position in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after acquiring an additional 212 shares in the last quarter. Tradewinds Capital Management LLC lifted its position in shares of Arista Networks by 300.0% during the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company’s stock worth $34,000 after acquiring an additional 234 shares in the last quarter. Finally, McIlrath & Eck LLC bought a new position in shares of Arista Networks in the fourth quarter worth $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Arista Networks
In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now directly owns 139,784 shares of the company’s stock, valued at $10,840,249.20. The trade was a 5.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 105,690 shares of company stock worth $9,360,205. Company insiders own 3.39% of the company’s stock.
Arista Networks Price Performance
Arista Networks (NYSE:ANET – Get Free Report) last announced its quarterly earnings data 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. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period in the previous year, the business posted $0.50 EPS. The business’s quarterly revenue was up 27.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.
Arista Networks declared that its board has approved a share repurchase plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on the company. Citigroup increased their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Wedbush started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an “outperform” rating on the stock. Morgan Stanley raised their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday, May 1st. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and upped their target price for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Finally, BNP Paribas Exane downgraded shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price target for the company. in a report on Wednesday, June 11th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average target price of $107.38.
Read Our Latest Stock Analysis on Arista Networks
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.
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