720 Shares in Arista Networks, Inc. (NYSE:ANET) Acquired by Delap Wealth Advisory LLC

Delap Wealth Advisory LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 720 shares of the technology company’s stock, valued at approximately $209,000.

Several other hedge funds also recently made changes to their positions in the business. Benjamin Edwards Inc. bought a new position in shares of Arista Networks in the first quarter valued at $26,000. Financial Synergies Wealth Advisors Inc. grew its stake in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares in the last quarter. Alaska Permanent Fund Corp bought a new position in shares of Arista Networks in the first quarter valued at $37,000. Riverview Trust Co bought a new position in shares of Arista Networks in the first quarter valued at $40,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in Arista Networks during the 1st quarter valued at $42,000. 82.47% of the stock is owned by institutional investors.

Insider Transactions at Arista Networks

In other news, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the sale, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Kelly Bodnar Battles sold 356 shares of Arista Networks stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $274.91, for a total value of $97,867.96. Following the transaction, the director now directly owns 2,570 shares of the company’s stock, valued at $706,518.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 210,076 shares of company stock worth $68,928,479. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE:ANET traded up $7.95 during midday trading on Friday, hitting $322.07. 1,016,897 shares of the stock were exchanged, compared to its average volume of 2,440,315. The stock has a market capitalization of $100.92 billion, a price-to-earnings ratio of 44.45, a P/E/G ratio of 2.87 and a beta of 1.11. The business’s 50-day moving average price is $330.66 and its 200 day moving average price is $294.47. Arista Networks, Inc. has a 12 month low of $149.10 and a 12 month high of $376.50.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.24. The company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. As a group, sell-side analysts expect that Arista Networks, Inc. will post 7.06 EPS for the current year.

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. UBS Group raised their price target on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Arista Networks in a report on Wednesday, May 8th. Evercore ISI lifted their target price on Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. Wells Fargo & Company lifted their target price on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $333.12.

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.