Koshinski Asset Management Inc. Has $3.14 Million Stake in Arista Networks, Inc. (NYSE:ANET)

Koshinski Asset Management Inc. grew its stake in Arista Networks, Inc. (NYSE:ANET) by 1.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,497 shares of the technology company’s stock after purchasing an additional 403 shares during the period. Koshinski Asset Management Inc.’s holdings in Arista Networks were worth $3,138,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares during the last quarter. FMR LLC increased its stake in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock valued at $6,371,848,000 after buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC raised its holdings in Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after buying an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC boosted its position in Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after buying an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director owned 7,480 shares of the company’s stock, valued at $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 104,707 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $102.03, for a total value of $10,683,255.21. Following the completion of the sale, the chief executive officer directly owned 38,776 shares of the company’s stock, valued at $3,956,315.28. The trade was a 72.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 271,472 shares of company stock valued at $25,921,982. 3.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ANET shares. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Redburn Atlantic initiated coverage on Arista Networks in a report on Wednesday, May 28th. They set a “buy” rating and a $112.00 target price on the stock. BNP Paribas cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 11th. Wedbush started coverage on Arista Networks in a report on Wednesday, May 28th. They issued an “outperform” rating on the stock. Finally, Citigroup raised their price target on shares of Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $109.33.

Arista Networks Stock Up 3.1%

NYSE ANET opened at $102.52 on Tuesday. The business has a 50 day moving average price of $90.69 and a 200-day moving average price of $95.44. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The company has a market cap of $128.76 billion, a price-to-earnings ratio of 43.39, a P/E/G ratio of 2.90 and a beta of 1.37.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $1.97 billion. During the same period last year, the company earned $0.50 earnings per share. The business’s revenue was up 27.6% on a year-over-year basis. On average, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

Arista Networks 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.