Tripletail Wealth Management LLC Makes New $1.06 Million Investment in Arista Networks, Inc. $ANET

Tripletail Wealth Management LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 2nd quarter, Holdings Channel.com reports. The firm bought 10,311 shares of the technology company’s stock, valued at approximately $1,055,000. Arista Networks makes up 1.6% of Tripletail Wealth Management LLC’s investment portfolio, making the stock its 16th biggest position.

A number of other hedge funds also recently made changes to their positions in ANET. Stablepoint Partners LLC boosted its holdings in Arista Networks by 0.8% in the second quarter. Stablepoint Partners LLC now owns 9,406 shares of the technology company’s stock valued at $962,000 after acquiring an additional 77 shares during the last quarter. Telos Capital Management Inc. boosted its holdings in Arista Networks by 1.0% in the 2nd quarter. Telos Capital Management Inc. now owns 9,260 shares of the technology company’s stock worth $947,000 after acquiring an additional 88 shares during the period. Wealthcare Advisory Partners LLC grew its holdings in Arista Networks by 1.6% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 6,038 shares of the technology company’s stock valued at $618,000 after purchasing an additional 95 shares in the last quarter. Putney Financial Group LLC grew its stake in shares of Arista Networks by 0.7% during the second quarter. Putney Financial Group LLC now owns 14,139 shares of the technology company’s stock valued at $1,447,000 after acquiring an additional 95 shares in the last quarter. Finally, 1900 Wealth Management LLC raised its position in shares of Arista Networks by 2.3% in the 2nd quarter. 1900 Wealth Management LLC now owns 4,338 shares of the technology company’s stock valued at $444,000 after purchasing an additional 98 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of recent analyst reports. The Goldman Sachs Group upped their target price on shares of Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Needham & Company LLC lifted their target price on Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, September 16th. Weiss Ratings upgraded shares of Arista Networks from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 1st. Erste Group Bank downgraded Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Finally, Evercore ISI boosted their target price on shares of Arista Networks from $150.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $164.31.

Arista Networks Stock Performance

ANET opened at $129.00 on Tuesday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The company has a market cap of $162.44 billion, a PE ratio of 49.05, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41. The stock has a 50-day moving average of $140.23 and a 200-day moving average of $125.84.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the previous year, the company earned $2.40 earnings per share. Arista Networks’s revenue for the quarter was up 27.5% on a year-over-year basis. On average, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 1,247,688 shares of the company’s stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $148.53, for a total transaction of $185,319,098.64. Following the completion of the transaction, the chief executive officer directly owned 5,383,207 shares in the company, valued at $799,567,735.71. This represents a 18.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction dated Friday, October 17th. The stock was sold at an average price of $142.75, for a total value of $4,282,500.00. Following the sale, the insider directly owned 12,976 shares in the company, valued at approximately $1,852,324. This trade represents a 69.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,522,152 shares of company stock valued at $223,569,587. 3.54% of the stock is owned by company 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.