Teamwork Financial Advisors LLC Grows Stock Position in Arista Networks, Inc. (NYSE:ANET)

Teamwork Financial Advisors LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 32.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 40,313 shares of the technology company’s stock after buying an additional 9,982 shares during the quarter. Arista Networks comprises 1.8% of Teamwork Financial Advisors LLC’s holdings, making the stock its 15th largest position. Teamwork Financial Advisors LLC’s holdings in Arista Networks were worth $11,690,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ANET. Financial Synergies Wealth Advisors Inc. grew its holdings in Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the period. Atticus Wealth Management LLC grew its holdings in Arista Networks by 3,625.0% during the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after acquiring an additional 145 shares during the period. Rakuten Securities Inc. acquired a new stake in Arista Networks in the fourth quarter valued at approximately $35,000. Sandy Spring Bank grew its holdings in Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after purchasing an additional 39 shares during the period. Finally, Alaska Permanent Fund Corp acquired a new stake in Arista Networks in the first quarter valued at approximately $37,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $8.41 during trading hours on Thursday, reaching $365.42. The company’s stock had a trading volume of 1,210,192 shares, compared to its average volume of 2,265,628. Arista Networks, Inc. has a one year low of $149.10 and a one year high of $365.42. The company has a market capitalization of $114.51 billion, a P/E ratio of 50.89, a P/E/G ratio of 3.15 and a beta of 1.11. The stock’s fifty day simple moving average is $309.96 and its two-hundred day simple moving average is $282.02.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.56 by $0.24. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. As a group, research analysts forecast that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

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

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,615,800 shares in the company, valued at $512,208,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total value of $7,925,000.00. Following the completion of the transaction, the chief executive officer now owns 1,615,800 shares in the company, valued at $512,208,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 214,118 shares of company stock worth $68,528,038. Insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of research analyst reports. Morgan Stanley lifted their price target on Arista Networks from $300.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Arista Networks in a research note on Wednesday, May 8th. Barclays lifted their price target on Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. 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. Finally, 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 report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.