Parisi Gray Wealth Management Grows Stake in Arista Networks, Inc. (NYSE:ANET)

Parisi Gray Wealth Management lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 14.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,815 shares of the technology company’s stock after purchasing an additional 484 shares during the period. Parisi Gray Wealth Management’s holdings in Arista Networks were worth $296,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. International Private Wealth Advisors LLC bought a new stake in Arista Networks in the 1st quarter valued at about $600,000. Pallas Capital Advisors LLC lifted its position in shares of Arista Networks by 227.0% during the first quarter. Pallas Capital Advisors LLC now owns 38,878 shares of the technology company’s stock worth $3,012,000 after acquiring an additional 26,990 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Arista Networks by 37.3% in the first quarter. Farther Finance Advisors LLC now owns 12,708 shares of the technology company’s stock worth $997,000 after acquiring an additional 3,455 shares during the period. First Citizens Bank & Trust Co. grew its position in shares of Arista Networks by 2,044.9% in the first quarter. First Citizens Bank & Trust Co. now owns 41,825 shares of the technology company’s stock valued at $3,241,000 after purchasing an additional 39,875 shares in the last quarter. Finally, Capital Investment Advisors LLC raised its stake in shares of Arista Networks by 29.2% during the 1st quarter. Capital Investment Advisors LLC now owns 4,845 shares of the technology company’s stock valued at $375,000 after purchasing an additional 1,095 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ANET has been the topic of a number of recent analyst reports. Wedbush initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an “outperform” rating on the stock. KGI Securities lowered Arista Networks to a “neutral” rating in a research note on Wednesday, May 7th. The Goldman Sachs Group decreased their target price on Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Citigroup raised their target price on shares of Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Finally, Needham & Company LLC assumed coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a “buy” rating on the stock. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $107.47.

Arista Networks Trading Up 2.2%

ANET stock opened at $97.29 on Monday. The firm’s 50-day moving average price is $83.43 and its two-hundred day moving average price is $96.55. The stock has a market capitalization of $122.19 billion, a price-to-earnings ratio of 43.82, a PEG ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business’s revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the business posted $0.50 EPS. Equities analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

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.