KFG Wealth Management LLC Invests $476,000 in Arista Networks, Inc. (NYSE:ANET)

KFG Wealth Management LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 6,147 shares of the technology company’s stock, valued at approximately $476,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. First Affirmative Financial Network grew its position in shares of Arista Networks by 16.1% during the first quarter. First Affirmative Financial Network now owns 3,835 shares of the technology company’s stock valued at $297,000 after purchasing an additional 531 shares in the last quarter. Intellectus Partners LLC boosted its stake in Arista Networks by 12.6% during the first quarter. Intellectus Partners LLC now owns 8,226 shares of the technology company’s stock valued at $637,000 after buying an additional 918 shares during the last quarter. Breakwater Capital Group purchased a new position in Arista Networks during the 1st quarter valued at approximately $370,000. Salvus Wealth Management LLC bought a new stake in Arista Networks in the 1st quarter worth approximately $1,973,000. Finally, Cypress Wealth Services LLC bought a new stake in Arista Networks in the 1st quarter worth approximately $390,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Up 2.2%

Shares of ANET opened at $97.29 on Friday. The firm has a fifty day moving average price of $83.43 and a 200-day moving average price of $96.57. The firm has a market capitalization of $122.19 billion, a P/E ratio of 43.82, a P/E/G 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 announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter last year, the business posted $0.50 EPS. Analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has approved a share repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of recent research reports. Erste Group Bank lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Evercore ISI decreased their target price on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Barclays dropped their price target on Arista Networks from $126.00 to $119.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Finally, KGI Securities lowered Arista Networks to a “neutral” rating in a research note on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $107.47.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on 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 approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 over the last quarter. 3.39% of the stock is owned by corporate insiders.

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.