Arista Networks, Inc. (NYSE:ANET) Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 143.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 41,947 shares of the technology company’s stock after acquiring an additional 24,744 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Arista Networks were worth $12,164,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ANET. O Shaughnessy Asset Management LLC lifted its holdings in shares of Arista Networks by 70.5% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 9,642 shares of the technology company’s stock worth $1,773,000 after acquiring an additional 3,987 shares during the last quarter. Mutual Advisors LLC increased its stake in Arista Networks by 103.3% during the 3rd quarter. Mutual Advisors LLC now owns 4,611 shares of the technology company’s stock worth $848,000 after buying an additional 2,343 shares during the period. Tower Research Capital LLC TRC increased its stake in Arista Networks by 152.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 13,030 shares of the technology company’s stock worth $2,397,000 after buying an additional 7,877 shares during the period. Bank of Nova Scotia increased its stake in Arista Networks by 33.2% during the 3rd quarter. Bank of Nova Scotia now owns 31,613 shares of the technology company’s stock worth $5,815,000 after buying an additional 7,882 shares during the period. Finally, CWA Asset Management Group LLC purchased a new stake in Arista Networks during the 3rd quarter worth approximately $265,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $350.44 on Friday. The stock has a market cap of $109.81 billion, a P/E ratio of 48.81, a P/E/G ratio of 2.96 and a beta of 1.08. The firm has a fifty day moving average price of $303.42 and a 200 day moving average price of $279.00. Arista Networks, Inc. has a 1-year low of $149.10 and a 1-year high of $355.22.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Sell-side analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ANET shares. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research note on Wednesday, May 8th. Barclays increased their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. Bank of America increased their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. KeyCorp increased their price objective on shares of Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Finally, Citigroup increased their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $311.50.

Insider Transactions at Arista Networks

In other news, Director Daniel Scheinman sold 1,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $328.17, for a total value of $328,170.00. Following the completion of the sale, the director now owns 37,732 shares in the company, valued at approximately $12,382,510.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Daniel Scheinman sold 1,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $328.17, for a total value of $328,170.00. Following the completion of the sale, the director now owns 37,732 shares in the company, valued at approximately $12,382,510.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 24,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $292.28, for a total transaction of $7,014,720.00. Following the completion of the sale, the chief executive officer now owns 1,642,800 shares of the company’s stock, valued at approximately $480,157,584. The disclosure for this sale can be found here. In the last quarter, insiders sold 212,950 shares of company stock worth $64,987,920. Company insiders own 3.54% of the company’s stock.

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.