Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Golden State Wealth Management LLC

by · The Markets Daily

Golden State Wealth Management LLC grew its stake in Arista Networks, Inc. (NYSE:ANET – Free Report) by 1,275.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,794 shares of the technology company’s stock after buying an additional 9,082 shares during the quarter. Golden State Wealth Management LLC’s holdings in Arista Networks were worth $759,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Weaver Capital Management LLC increased its stake in shares of Arista Networks by 0.8% in the 1st quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company’s stock valued at $1,662,000 after purchasing an additional 162 shares in the last quarter. First American Bank increased its stake in shares of Arista Networks by 1.1% in the 1st quarter. First American Bank now owns 14,478 shares of the technology company’s stock valued at $1,122,000 after purchasing an additional 164 shares in the last quarter. ORG Partners LLC increased its stake in shares of Arista Networks by 43.8% in the 1st quarter. ORG Partners LLC now owns 575 shares of the technology company’s stock valued at $45,000 after purchasing an additional 175 shares in the last quarter. RMR Wealth Builders increased its stake in shares of Arista Networks by 0.6% in the 1st quarter. RMR Wealth Builders now owns 30,642 shares of the technology company’s stock valued at $2,374,000 after purchasing an additional 180 shares in the last quarter. Finally, Fragasso Financial Advisors Inc increased its stake in shares of Arista Networks by 4.4% in the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company’s stock valued at $360,000 after purchasing an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ANET. KGI Securities cut Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. Redburn Atlantic began coverage on Arista Networks in a report on Wednesday, May 28th. They issued a “buy” rating and a $112.00 price objective on the stock. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Wedbush began coverage on Arista Networks in a report on Wednesday, May 28th. They issued an “outperform” rating on the stock. Finally, UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $109.33.

Get Our Latest Report on ANET

Arista Networks Price Performance

Shares of Arista Networks stock opened at $101.71 on Friday. The stock has a market cap of $127.74 billion, a P/E ratio of 43.05, a P/E/G ratio of 2.82 and a beta of 1.37. The stock’s 50 day simple moving average is $89.42 and its 200-day simple moving average is $95.70. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET – Get Free Report) last issued its earnings results 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 period in the previous year, the firm posted $0.50 EPS. The business’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $88.58, for a total value of $708,640.00. Following the completion of the transaction, the director now owns 131,784 shares in the company, valued at $11,673,426.72. This represents a 5.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 161,690 shares of company stock worth $14,525,085. Insiders own 3.39% of the company’s stock.

Arista Networks Company Profile

(Free Report)

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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