Byrne Asset Management LLC Makes New $33,000 Investment in Arista Networks, Inc. (NYSE:ANET)

Byrne Asset Management LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 95 shares of the technology company’s stock, valued at approximately $33,000.

Other hedge funds also recently modified their holdings of the company. Lecap Asset Management Ltd. acquired a new stake in shares of Arista Networks in the second quarter worth approximately $2,663,000. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Arista Networks in the second quarter worth approximately $1,795,000. Capital Advisory Group Advisory Services LLC acquired a new stake in shares of Arista Networks in the second quarter worth approximately $210,000. Aaron Wealth Advisors LLC boosted its position in shares of Arista Networks by 19.3% in the second quarter. Aaron Wealth Advisors LLC now owns 1,480 shares of the technology company’s stock worth $519,000 after acquiring an additional 239 shares during the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of Arista Networks by 14.0% in the second quarter. Fifth Third Bancorp now owns 158,856 shares of the technology company’s stock worth $55,676,000 after acquiring an additional 19,558 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on ANET shares. Evercore ISI boosted their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. UBS Group boosted their price objective on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Rosenblatt Securities boosted their price objective on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Barclays boosted their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group boosted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $353.38.

Arista Networks Price Performance

ANET traded down $2.71 during trading on Thursday, hitting $353.18. The company had a trading volume of 272,890 shares, compared to its average volume of 2,405,857. The company has a market cap of $110.67 billion, a PE ratio of 49.58, a P/E/G ratio of 2.70 and a beta of 1.11. The business has a 50-day moving average of $342.44 and a 200-day moving average of $305.00. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $376.50.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.41 earnings per share. Research analysts forecast that Arista Networks, Inc. will post 7.29 earnings per share for the current year.

Arista Networks declared that its board has approved a stock repurchase program on Tuesday, May 7th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, SVP Marc Taxay sold 4,493 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $295.47, for a total transaction of $1,327,546.71. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the sale, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Marc Taxay sold 4,493 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $295.47, for a total transaction of $1,327,546.71. The disclosure for this sale can be found here. Over the last three months, insiders have sold 106,377 shares of company stock valued at $36,773,806. Company insiders own 3.54% of the company’s stock.

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.