Sowell Financial Services LLC Takes $629,000 Position in Arista Networks, Inc. (NYSE:ANET)

Sowell Financial Services LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, Holdings Channel reports. The firm acquired 8,122 shares of the technology company’s stock, valued at approximately $629,000.

Several other hedge funds also recently modified their holdings of the stock. 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 acquiring an additional 180 shares in the last quarter. Capital Advisors Ltd. LLC increased its stake in shares of Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after acquiring an additional 191 shares in the last quarter. 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 acquiring an additional 196 shares in the last quarter. Quarry LP increased its stake in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 206 shares in the last quarter. Finally, Dunhill Financial LLC increased its stake in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock valued at $29,000 after purchasing an additional 212 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Needham & Company LLC assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a “buy” rating for the company. KGI Securities lowered shares of Arista Networks to a “neutral” rating in a research note on Wednesday, May 7th. Citigroup boosted their price target on shares of Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. BNP Paribas Exane lowered shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price target for the company. in a research note on Wednesday, June 11th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $107.38.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Tuesday, May 6th. The shares were 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 of the company’s stock, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,690 shares of company stock valued at $9,360,205. 3.39% of the stock is owned by insiders.

Arista Networks Price Performance

NYSE ANET opened at $90.12 on Friday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The firm has a market cap of $113.18 billion, a price-to-earnings ratio of 38.15, a PEG ratio of 2.65 and a beta of 1.37. The company has a fifty day moving average price of $87.24 and a 200-day moving average price of $96.11.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 EPS. On average, research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has approved a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.