Pathstone Holdings LLC Acquires 75,459 Shares of Arista Networks, Inc. (NYSE:ANET)

Pathstone Holdings LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 293.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 101,156 shares of the technology company’s stock after purchasing an additional 75,459 shares during the quarter. Pathstone Holdings LLC’s holdings in Arista Networks were worth $11,197,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Caitlin John LLC increased its holdings in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC increased its holdings in shares of Arista Networks by 335.1% during the fourth 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. New Millennium Group LLC increased its holdings in shares of Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 195 shares in the last quarter. Cranbrook Wealth Management LLC increased its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares in the last quarter. Finally, Trust Co. of Vermont increased its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of NYSE ANET opened at $95.97 on Friday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a market capitalization of $120.53 billion, a PE ratio of 43.23, a P/E/G ratio of 3.10 and a beta of 1.38. The business’s fifty day moving average price is $79.95 and its 200-day moving average price is $97.24.

Arista Networks (NYSE:ANET) last released its quarterly earnings data 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 29.91% and a net margin of 40.72%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the previous year, the company posted $0.50 EPS. The firm’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 51,848 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 410,867 shares of company stock worth $37,056,669. 3.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ANET has been the subject of several recent research reports. The Goldman Sachs Group decreased their price objective on Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Citigroup lifted their target price on Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a research report on Tuesday. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Rosenblatt Securities boosted their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $107.14.

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.