Prosperity Consulting Group LLC Acquires 539 Shares of Arista Networks, Inc. (NYSE:ANET)

Prosperity Consulting Group LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 32.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,205 shares of the technology company’s stock after acquiring an additional 539 shares during the quarter. Prosperity Consulting Group LLC’s holdings in Arista Networks were worth $639,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. purchased a new position in shares of Arista Networks during the 1st quarter valued at about $26,000. Financial Synergies Wealth Advisors Inc. raised its holdings in shares of Arista Networks by 872.7% during the 1st 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. Atticus Wealth Management LLC raised its holdings in shares of Arista Networks by 3,625.0% during the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after buying an additional 145 shares in the last quarter. Rakuten Securities Inc. bought a new position in Arista Networks during the 4th quarter worth approximately $35,000. Finally, Sandy Spring Bank grew its position in Arista Networks by 33.6% during the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after acquiring an additional 39 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction 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 sale, the director now directly owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The disclosure for this sale can be found here. Insiders sold 214,118 shares of company stock worth $68,528,038 over the last quarter. 3.54% of the stock is currently owned by insiders.

Arista Networks Stock Performance

Shares of ANET stock traded up $0.72 during mid-day trading on Friday, hitting $366.14. The company’s stock had a trading volume of 1,357,852 shares, compared to its average volume of 2,159,908. Arista Networks, Inc. has a 52-week low of $149.10 and a 52-week high of $367.25. The business has a 50-day moving average price of $314.01 and a 200 day moving average price of $283.49. The stock has a market cap of $114.73 billion, a price-to-earnings ratio of 50.99, a PEG ratio of 3.23 and a beta of 1.11.

Arista Networks (NYSE:ANET) last posted 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. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Equities research analysts predict that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its board has initiated a stock buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently issued reports on ANET. Bank of America raised their price target on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Evercore ISI raised their price target on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Monday, May 20th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. KeyCorp lifted their price objective on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Finally, Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $311.50.

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.