InterOcean Capital Group LLC Takes $385,000 Position in Arista Networks, Inc. (NYSE:ANET)

InterOcean Capital Group LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,635 shares of the technology company’s stock, valued at approximately $385,000.

A number of other institutional investors have also recently modified their holdings of the business. Larson Financial Group LLC purchased a new position in Arista Networks in the 3rd quarter worth approximately $28,000. First Command Advisory Services Inc. acquired a new stake in Arista Networks in the 3rd quarter valued at approximately $29,000. NBC Securities Inc. acquired a new stake in Arista Networks in the 3rd quarter valued at approximately $33,000. Atticus Wealth Management LLC increased its holdings in Arista Networks by 3,625.0% in the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after purchasing an additional 145 shares during the last quarter. Finally, Rakuten Securities Inc. acquired a new position in shares of Arista Networks in the fourth quarter worth $35,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Up 1.4 %

Shares of ANET traded up $4.29 during mid-day trading on Friday, reaching $305.71. 413,051 shares of the company’s stock were exchanged, compared to its average volume of 2,532,960. The company has a 50-day simple moving average of $286.76 and a two-hundred day simple moving average of $260.44. Arista Networks, Inc. has a 52-week low of $148.32 and a 52-week high of $329.04. The company has a market cap of $95.80 billion, a price-to-earnings ratio of 41.98, a PEG ratio of 2.86 and a beta of 1.13.

Arista Networks declared that its board has authorized a stock buyback plan on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ANET shares. Evercore ISI boosted their price target on shares of Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research note on Monday. UBS Group increased their target price on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. increased their target price on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and upped their price objective for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. Finally, Wells Fargo & Company increased their target price on shares of Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $295.22.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 87,418 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now owns 17,681 shares in the company, valued at $4,929,639.61. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Jayshree Ullal sold 87,418 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now owns 17,681 shares in the company, valued at $4,929,639.61. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $269.15, for a total transaction of $5,383,000.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $873,122.60. The disclosure for this sale can be found here. Insiders sold a total of 396,350 shares of company stock valued at $115,916,018 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Arista Networks 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.