Resonant Capital Advisors LLC Increases Position in Arista Networks, Inc. (NYSE:ANET)

Resonant Capital Advisors LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 4.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 870 shares of the technology company’s stock after purchasing an additional 34 shares during the period. Resonant Capital Advisors LLC’s holdings in Arista Networks were worth $305,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Benjamin Edwards Inc. purchased a new position in Arista Networks in the first quarter valued at approximately $26,000. Beacon Capital Management LLC grew its position in shares of Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares during the last quarter. Financial Synergies Wealth Advisors Inc. raised its stake in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares in the last quarter. Byrne Asset Management LLC purchased a new stake in Arista Networks in the second quarter valued at $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new position in Arista Networks in the second quarter valued at $35,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the transaction, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the sale, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 120,387 shares of company stock valued at $42,196,501. Insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 2.0 %

ANET stock opened at $353.38 on Tuesday. The firm has a 50 day moving average of $344.53 and a 200-day moving average of $309.62. The company has a market cap of $110.74 billion, a price-to-earnings ratio of 49.22, a PEG ratio of 2.78 and a beta of 1.11. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. Arista Networks’s revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.41 earnings per share. Sell-side analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Arista Networks announced that its board has approved a stock repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. KeyCorp increased their price target on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Bank of America increased their target price on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Evercore ISI upped their price target on Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Finally, Jefferies Financial Group lifted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $353.38.

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.