Arista Networks, Inc. (NYSE:ANET) Stock Position Lifted by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 7.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,270 shares of the technology company’s stock after purchasing an additional 746 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Arista Networks were worth $2,419,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Yeomans Consulting Group Inc. acquired a new position in Arista Networks during the fourth quarter valued at approximately $480,000. Vanguard Group Inc. grew its position in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. SageView Advisory Group LLC acquired a new position in Arista Networks in the 4th quarter valued at approximately $235,000. True Vision MN LLC bought a new stake in shares of Arista Networks in the 4th quarter worth approximately $479,000. Finally, Wellington Management Group LLP grew its holdings in shares of Arista Networks by 1.2% during the 4th quarter. Wellington Management Group LLP now owns 525,976 shares of the technology company’s stock worth $123,873,000 after purchasing an additional 6,402 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of ANET opened at $339.94 on Tuesday. Arista Networks, Inc. has a 1-year low of $148.32 and a 1-year high of $341.87. The company has a market capitalization of $106.52 billion, a P/E ratio of 47.35, a P/E/G ratio of 2.97 and a beta of 1.08. The firm’s 50 day simple moving average is $291.11 and its 200 day simple moving average is $272.17.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. On average, equities analysts anticipate that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

Arista Networks declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 1.4% 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.

Analyst Ratings Changes

ANET has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their target price on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $320.00 in a report on Friday, May 3rd. Barclays raised their price target on Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Morgan Stanley increased their target price on Arista Networks from $300.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday, June 12th. Finally, The Goldman Sachs Group boosted their target price on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $298.17.

Insider Buying and Selling

In other Arista Networks news, SVP Marc Taxay sold 1,040 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $292.28, for a total transaction of $303,971.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares in the company, valued at approximately $941,427.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 1,040 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $292.28, for a total value of $303,971.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 299,950 shares of company stock valued at $90,841,430. 3.54% of the stock is owned by insiders.

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.