Visionary Wealth Advisors Acquires 3,678 Shares of Arista Networks, Inc. (NYSE:ANET)

Visionary Wealth Advisors lifted its holdings in Arista Networks, Inc. (NYSE:ANET) by 324.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,812 shares of the technology company’s stock after buying an additional 3,678 shares during the period. Visionary Wealth Advisors’ holdings in Arista Networks were worth $532,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Stock Yards Bank & Trust Co. bought a new position in Arista Networks during the 4th quarter valued at about $242,000. GHE LLC boosted its position in Arista Networks by 319.0% in the 4th quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after buying an additional 21,597 shares during the period. Colonial River Investments LLC boosted its position in Arista Networks by 327.6% in the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock valued at $1,077,000 after buying an additional 7,466 shares during the period. Unified Investment Management purchased a new stake in Arista Networks in the 4th quarter valued at about $630,000. Finally, Berkshire Capital Holdings Inc. boosted its position in Arista Networks by 257.6% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock valued at $8,505,000 after buying an additional 55,430 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Down 1.1%

NYSE:ANET opened at $95.60 on Wednesday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm has a 50 day moving average of $80.93 and a 200 day moving average of $97.18. The stock has a market capitalization of $120.07 billion, a price-to-earnings ratio of 43.06, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the company posted $0.50 earnings per share. Arista Networks’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 17,433 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $96.57, for a total transaction of $1,683,504.81. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 410,755 shares of company stock valued at $37,045,233 over the last 90 days. Insiders own 3.39% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ANET shares. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price objective on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Barclays lowered their price objective on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Evercore ISI lowered their price target on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Finally, The Goldman Sachs Group lowered their price target on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.14.

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.