Segment Wealth Management LLC Buys 966 Shares of Arista Networks, Inc. (NYSE:ANET)

Segment Wealth Management LLC lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 3.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,444 shares of the technology company’s stock after acquiring an additional 966 shares during the period. Segment Wealth Management LLC’s holdings in Arista Networks were worth $2,204,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ORG Partners LLC boosted its stake in Arista Networks by 43.8% in the 1st quarter. ORG Partners LLC now owns 575 shares of the technology company’s stock worth $45,000 after purchasing an additional 175 shares during the period. RMR Wealth Builders boosted its position in shares of Arista Networks by 0.6% during the first quarter. RMR Wealth Builders now owns 30,642 shares of the technology company’s stock worth $2,374,000 after buying an additional 180 shares during the period. Capital Advisors Ltd. LLC grew its holdings in shares of Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after buying an additional 191 shares in the last quarter. Fragasso Financial Advisors Inc raised its position in Arista Networks by 4.4% in the 1st 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 last quarter. Finally, Quarry LP lifted 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 acquiring an additional 206 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ANET shares. Morgan Stanley raised their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. The Goldman Sachs Group cut 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 report on Wednesday, May 7th. Needham & Company LLC assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating for the company. Wedbush assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They issued an “outperform” rating for the company. Finally, JPMorgan Chase & Co. lowered their price target on Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $107.38.

Arista Networks Price Performance

Arista Networks stock opened at $90.12 on Friday. The stock’s 50 day moving average is $87.24 and its 200 day moving average is $96.11. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The firm has a market cap of $113.18 billion, a P/E ratio of 38.15, a P/E/G ratio of 2.65 and a beta of 1.37.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate 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 30.48%. 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. Equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the firm’s stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock worth $9,360,205 in the last three months. Company insiders own 3.39% of the company’s stock.

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.