True Wealth Design LLC Grows Stake in Arista Networks, Inc. (NYSE:ANET)

True Wealth Design LLC increased its stake in Arista Networks, Inc. (NYSE:ANET) by 332.8% in the 4th quarter, HoldingsChannel reports. The fund owned 580 shares of the technology company’s stock after acquiring an additional 446 shares during the period. True Wealth Design LLC’s holdings in Arista Networks were worth $64,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ANET. Caitlin John LLC boosted its position in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its position 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 valued at $27,000 after buying an additional 191 shares during the period. New Millennium Group LLC boosted its holdings in shares of Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 195 shares during the period. Quarry LP boosted its holdings in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 206 shares during the period. Finally, Dunhill Financial LLC boosted its holdings in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock valued at $29,000 after purchasing an additional 212 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, SVP Marc Taxay sold 51,848 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Mccool sold 17,433 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.14, for a total value of $1,623,709.62. Following the completion of the transaction, the insider now owns 17,433 shares of the company’s stock, valued at approximately $1,623,709.62. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 410,867 shares of company stock valued at $37,056,669. Corporate insiders own 3.39% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of research reports. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and boosted their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Rosenblatt Securities boosted their price target on Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. lowered their price target on Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, The Goldman Sachs Group lowered their price target on Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $107.14.

Arista Networks Stock Up 0.2%

Shares of NYSE:ANET opened at $96.31 on Friday. The company has a market capitalization of $120.95 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm has a 50 day moving average of $80.29 and a 200 day moving average of $97.20.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business’s quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 earnings per share. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

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.