Community Financial Services Group LLC Raises Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Community Financial Services Group LLC increased its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 1.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,742 shares of the technology company’s stock after purchasing an additional 639 shares during the quarter. Community Financial Services Group LLC’s holdings in Arista Networks were worth $2,924,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Sava Infond d.o.o. raised its stake in Arista Networks by 16.5% in the first quarter. Sava Infond d.o.o. now owns 260,270 shares of the technology company’s stock valued at $20,166,000 after buying an additional 36,870 shares during the last quarter. Embree Financial Group purchased a new stake in Arista Networks in the first quarter valued at about $286,000. Legacy Advisors LLC raised its stake in Arista Networks by 5.1% in the first quarter. Legacy Advisors LLC now owns 4,255 shares of the technology company’s stock valued at $330,000 after buying an additional 207 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in Arista Networks by 1.9% in the first quarter. Asset Management One Co. Ltd. now owns 493,072 shares of the technology company’s stock valued at $38,203,000 after buying an additional 9,242 shares during the last quarter. Finally, Runnymede Capital Advisors Inc. raised its stake in Arista Networks by 535.7% in the first quarter. Runnymede Capital Advisors Inc. now owns 712 shares of the technology company’s stock valued at $55,000 after buying an additional 600 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Up 6.7%

Arista Networks stock opened at $92.03 on Tuesday. The firm has a market cap of $115.58 billion, a price-to-earnings ratio of 38.95, a price-to-earnings-growth ratio of 2.53 and a beta of 1.37. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The business’s 50-day moving average price is $87.89 and its 200 day moving average price is $95.73.

Arista Networks (NYSE:ANET) last posted its earnings results 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 firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period last year, the company earned $0.50 earnings per share. Equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has initiated 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 purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ANET shares. Redburn Atlantic started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a “buy” rating and a $112.00 price target for the company. Morgan Stanley raised their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Rosenblatt Securities raised their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. UBS Group upgraded 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 research note on Wednesday, March 5th. Finally, The Goldman Sachs Group reduced their price objective 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. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $108.87.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm’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 value of $620,400.00. Following the sale, the director now directly owns 139,784 shares of the company’s stock, valued at approximately $10,840,249.20. This trade represents a 5.41% 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 Kelly Bodnar Battles sold 1,492 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 161,690 shares of company stock valued at $14,525,085. Company insiders own 3.54% of the company’s stock.

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.