True Vision MN LLC Takes $465,000 Position in Arista Networks, Inc. (NYSE:ANET)

True Vision MN LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,999 shares of the technology company’s stock, valued at approximately $465,000.

A number of other hedge funds have also recently made changes to their positions in ANET. Optimum Investment Advisors raised its position 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 worth $41,000 after acquiring an additional 125 shares during the last quarter. Tradewinds Capital Management LLC raised its position in shares of Arista Networks by 45.8% during the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company’s stock worth $35,000 after acquiring an additional 143 shares during the last quarter. Weaver Capital Management LLC raised its position in shares of Arista Networks by 0.8% during the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company’s stock worth $1,662,000 after acquiring an additional 162 shares during the last quarter. First American Bank raised its position in shares of Arista Networks by 1.1% during the first quarter. First American Bank now owns 14,478 shares of the technology company’s stock worth $1,122,000 after acquiring an additional 164 shares during the last quarter. Finally, ORG Partners LLC raised its position in shares of Arista Networks by 43.8% during the first quarter. ORG Partners LLC now owns 575 shares of the technology company’s stock worth $45,000 after acquiring an additional 175 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the transaction, the senior vice president owned 12,976 shares of the company’s stock, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director directly owned 123,784 shares in the company, valued at $10,915,273.12. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. Insiders own 3.39% of the company’s stock.

Arista Networks Trading Up 2.8%

Shares of Arista Networks stock opened at $106.27 on Thursday. The stock has a fifty day simple moving average of $94.33 and a 200 day simple moving average of $95.20. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The company has a market capitalization of $133.47 billion, a P/E ratio of 44.98, a price-to-earnings-growth ratio of 3.01 and a beta of 1.40.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the previous year, the firm earned $0.50 earnings per share. The business’s revenue was up 27.6% on a year-over-year basis. On average, analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has approved a share repurchase plan 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 plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of analyst reports. The Goldman Sachs Group lowered their price objective on Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. BNP Paribas downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 11th. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. KGI Securities downgraded Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. Finally, BNP Paribas Exane downgraded Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 target price for the company. in a report on Wednesday, June 11th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $109.33.

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.