Greenleaf Trust Acquires 1,418 Shares of Arista Networks, Inc. (NYSE:ANET)

Greenleaf Trust grew its holdings in Arista Networks, Inc. (NYSE:ANET) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,618 shares of the technology company’s stock after purchasing an additional 1,418 shares during the period. Greenleaf Trust’s holdings in Arista Networks were worth $4,852,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Optimum Investment Advisors raised its holdings in shares of Arista Networks by 31.3% during the first quarter. Optimum Investment Advisors now owns 525 shares of the technology company’s stock valued at $41,000 after purchasing an additional 125 shares during the last quarter. OMNI 360 Wealth Inc. bought a new stake in Arista Networks in the 1st quarter worth approximately $217,000. Personal CFO Solutions LLC raised its stake in Arista Networks by 28.2% during the 1st quarter. Personal CFO Solutions LLC now owns 5,778 shares of the technology company’s stock valued at $448,000 after buying an additional 1,272 shares during the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Arista Networks by 39.3% during the 1st quarter. Valeo Financial Advisors LLC now owns 11,352 shares of the technology company’s stock valued at $880,000 after buying an additional 3,202 shares during the period. Finally, Stratos Wealth Advisors LLC lifted its holdings in shares of Arista Networks by 49.5% during the 1st quarter. Stratos Wealth Advisors LLC now owns 7,026 shares of the technology company’s stock valued at $544,000 after buying an additional 2,326 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the sale, the director directly owned 65,784 shares in the company, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares in the company, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. 3.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently commented on ANET shares. Redburn Atlantic started coverage on Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating and a $112.00 price objective for the company. Wolfe Research assumed coverage on Arista Networks in a research note on Tuesday. They set an “outperform” rating for the company. BNP Paribas Exane cut shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price objective on the stock. in a research note on Wednesday, June 11th. Barclays dropped their price objective on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Finally, Wedbush began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set an “outperform” rating for the company. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $109.33.

Arista Networks Stock Up 2.0%

Shares of Arista Networks stock opened at $103.52 on Wednesday. The company has a market capitalization of $130.01 billion, a price-to-earnings ratio of 43.82, a PEG ratio of 2.96 and a beta of 1.40. The stock’s 50-day simple moving average is $93.85 and its 200-day simple moving average is $95.12. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS 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 return on equity of 30.48% and a net margin of 40.72%. The firm’s revenue was up 27.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.50 EPS. On average, equities analysts expect 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 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 stock through open market purchases. Stock buyback plans are usually a sign 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.