Golden State Wealth Management LLC Purchases 4,020 Shares of Arista Networks, Inc. (NYSE:ANET)

Golden State Wealth Management LLC increased its position in Arista Networks, Inc. (NYSE:ANET) by 564.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,732 shares of the technology company’s stock after purchasing an additional 4,020 shares during the quarter. Golden State Wealth Management LLC’s holdings in Arista Networks were worth $367,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after acquiring an additional 72,311,318 shares during the last quarter. FMR LLC grew its stake in shares of Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares during the period. Cresset Asset Management LLC increased its holdings in Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after purchasing an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its stake in Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after buying an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after buying an additional 14,454,822 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the sale, the director owned 123,784 shares of the company’s stock, valued at approximately $10,915,273.12. The trade was a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of the company’s stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the sale, the chief executive officer owned 30,000 shares in the company, valued at $3,072,900. The trade was a 96.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,123,400 shares of company stock worth $113,159,520. 3.39% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ANET shares. Evercore ISI boosted their target price on Arista Networks from $105.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, June 23rd. Redburn Atlantic started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a “buy” rating and a $112.00 price objective for the company. Citigroup upped 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. The Goldman Sachs Group reduced their price target on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Finally, BNP Paribas lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $109.33.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $102.45 on Friday. The firm has a market cap of $128.66 billion, a price-to-earnings ratio of 43.36, a price-to-earnings-growth ratio of 2.99 and a beta of 1.40. The stock’s 50-day moving average is $92.93 and its 200-day moving average is $95.24. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has authorized a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are 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.