Nemes Rush Group LLC Takes $411,000 Position in Arista Networks, Inc. (NYSE:ANET)

Nemes Rush Group LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 5,311 shares of the technology company’s stock, valued at approximately $411,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ANET. Brighton Jones LLC lifted its holdings in shares of Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after purchasing an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Arista Networks during the fourth quarter valued at $202,000. Bank Pictet & Cie Europe AG lifted its holdings in shares of Arista Networks by 433.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock valued at $1,200,000 after purchasing an additional 8,822 shares in the last quarter. Financial Counselors Inc. bought a new position in shares of Arista Networks during the fourth quarter valued at $218,000. Finally, Loomis Sayles & Co. L P lifted its holdings in shares of Arista Networks by 538.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 8,860 shares of the technology company’s stock valued at $979,000 after purchasing an additional 7,472 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on ANET shares. Wedbush started coverage on Arista Networks in a report on Wednesday, May 28th. They issued an “outperform” rating on the stock. Wolfe Research started coverage on Arista Networks in a report on Tuesday, July 8th. They issued an “outperform” rating on the stock. Morgan Stanley increased their target price on Arista Networks from $73.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. Redburn Atlantic started coverage on Arista Networks in a report on Wednesday, May 28th. They issued a “buy” rating and a $112.00 target price on the stock. Finally, Rosenblatt Securities increased their target price on Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $111.40.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 30,000 shares of the stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the completion of the sale, the senior vice president owned 12,976 shares in the company, valued at approximately $1,442,801.44. This trade represents a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the transaction, the director owned 65,784 shares of the company’s stock, valued at $6,536,298.24. This represents a 10.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,177,878 shares of company stock worth $119,281,861. 3.54% of the stock is owned by corporate insiders.

Arista Networks Trading Up 0.3%

NYSE:ANET opened at $114.37 on Monday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.57. The stock has a 50-day moving average price of $98.86 and a 200 day moving average price of $94.65. The stock has a market capitalization of $143.64 billion, a P/E ratio of 48.41, a P/E/G ratio of 3.32 and a beta of 1.40.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) 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 firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the business posted $0.50 earnings per share. The firm’s revenue was up 27.6% on a year-over-year basis. On average, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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