CWA Asset Management Group LLC boosted its position in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 56.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,164 shares of the technology company’s stock after buying an additional 1,872 shares during the period. CWA Asset Management Group LLC’s holdings in Arista Networks were worth $400,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in 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 during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Arista Networks in the fourth quarter worth approximately $202,000. Bank Pictet & Cie Europe AG raised its holdings in shares of Arista Networks by 433.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock worth $1,200,000 after buying an additional 8,822 shares during the period. D.A. Davidson & CO. raised its holdings in shares of Arista Networks by 285.5% in the fourth quarter. D.A. Davidson & CO. now owns 19,882 shares of the technology company’s stock worth $2,198,000 after buying an additional 14,724 shares during the period. Finally, Global Retirement Partners LLC raised its holdings in shares of Arista Networks by 285.3% in the fourth quarter. Global Retirement Partners LLC now owns 11,733 shares of the technology company’s stock worth $1,297,000 after buying an additional 8,688 shares during the period. 82.47% of the stock is owned by institutional investors.
Insider Transactions at Arista Networks
In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the sale, the director now directly owns 139,784 shares of the company’s stock, valued at $10,840,249.20. The trade was a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock valued at $14,525,085 in the last quarter. 3.39% of the stock is currently owned by corporate insiders.
Arista Networks Trading Down 4.5%
Arista Networks (NYSE:ANET – Get Free Report) last announced its quarterly earnings results 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 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 the consensus estimate of $1.97 billion. During the same period last year, the business posted $0.50 EPS. The business’s revenue was up 27.6% compared to the same quarter last year. Research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.
Arista Networks announced that its Board of Directors has approved a share buyback program on Tuesday, May 6th that permits the company to buyback $1.50 billion in 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 board believes its stock is undervalued.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on ANET shares. Redburn Atlantic started coverage on Arista Networks in a report on Wednesday, May 28th. They issued a “buy” rating and a $112.00 price target on the stock. Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. KGI Securities downgraded Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. The Goldman Sachs Group reduced their price target on Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, Rosenblatt Securities raised their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $108.20.
Arista Networks Company 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.
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