Signet Financial Management LLC Has $8 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Signet Financial Management LLC boosted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 1.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,599 shares of the technology company’s stock after purchasing an additional 365 shares during the period. Arista Networks accounts for approximately 1.1% of Signet Financial Management LLC’s portfolio, making the stock its 19th biggest position. Signet Financial Management LLC’s holdings in Arista Networks were worth $8,003,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. NBC Securities Inc. raised its holdings in Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock valued at $62,000 after buying an additional 38 shares in the last quarter. Sandy Spring Bank increased its stake in shares of Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after purchasing an additional 39 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Arista Networks by 6.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock worth $163,000 after purchasing an additional 39 shares during the period. Fulton Breakefield Broenniman LLC increased its stake in shares of Arista Networks by 1.8% in the fourth quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock worth $531,000 after purchasing an additional 40 shares during the period. Finally, West Family Investments Inc. increased its stake in shares of Arista Networks by 3.3% in the fourth quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock worth $298,000 after purchasing an additional 40 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Up 3.2 %

ANET traded up $10.83 during trading on Thursday, hitting $345.53. The company’s stock had a trading volume of 1,236,303 shares, compared to its average volume of 2,510,551. The stock has a market capitalization of $108.28 billion, a price-to-earnings ratio of 46.62, a price-to-earnings-growth ratio of 2.95 and a beta of 1.08. The firm’s 50 day moving average price is $298.01 and its two-hundred day moving average price is $277.25. Arista Networks, Inc. has a 12 month low of $149.10 and a 12 month high of $350.98.

Arista Networks (NYSE:ANET) last announced its earnings results 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 return on equity of 31.12% and a net margin of 37.64%. The company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. On average, sell-side analysts forecast 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 share buyback program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, CEO Jayshree Ullal sold 24,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $292.28, for a total value of $7,014,720.00. Following the completion of the sale, the chief executive officer now directly owns 1,642,800 shares in the company, valued at $480,157,584. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at $940,922.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 24,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $292.28, for a total value of $7,014,720.00. Following the completion of the transaction, the chief executive officer now owns 1,642,800 shares in the company, valued at approximately $480,157,584. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 212,950 shares of company stock worth $64,987,920. 3.54% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ANET has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their price objective on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. UBS Group lifted their price objective on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Evercore ISI lifted their target price on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Monday, May 20th. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research report on Wednesday, May 8th. Finally, KeyCorp lifted their target price on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $311.50.

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.