International Assets Investment Management LLC Invests $838,000 in Arista Networks, Inc. (NYSE:ANET)

International Assets Investment Management LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 10,815 shares of the technology company’s stock, valued at approximately $838,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Weaver Capital Management LLC boosted its stake in shares of Arista Networks by 0.8% during the 1st quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company’s stock valued at $1,662,000 after buying an additional 162 shares during the period. First American Bank raised its holdings in shares of Arista Networks by 1.1% during the first quarter. First American Bank now owns 14,478 shares of the technology company’s stock worth $1,122,000 after acquiring an additional 164 shares in the last quarter. ORG Partners LLC boosted its position in Arista Networks by 43.8% during the first quarter. ORG Partners LLC now owns 575 shares of the technology company’s stock valued at $45,000 after purchasing an additional 175 shares during the last quarter. RMR Wealth Builders grew its stake in Arista Networks by 0.6% in the first 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 position in Arista Networks by 4.4% in the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company’s stock worth $360,000 after purchasing an additional 196 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ANET. Wedbush initiated coverage on Arista Networks in a report on Wednesday, May 28th. They set an “outperform” rating for the company. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and lifted their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. BNP Paribas downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 11th. Needham & Company LLC started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $108.87.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The stock was 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 of the company’s stock, valued at $11,673,426.72. This represents a 5.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the firm’s stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now owns 7,480 shares of the company’s stock, valued at $512,305.20. This represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 161,690 shares of company stock worth $14,525,085. Insiders own 3.39% of the company’s stock.

Arista Networks Stock Performance

Arista Networks stock opened at $96.29 on Thursday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm has a market capitalization of $120.93 billion, a PE ratio of 40.76, a PEG ratio of 2.79 and a beta of 1.37. The business’s 50-day simple moving average is $88.81 and its 200-day simple moving average is $95.73.

Arista Networks (NYSE:ANET) last released its 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 firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the firm posted $0.50 EPS. The company’s revenue was up 27.6% on a year-over-year basis. Research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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.