Csenge Advisory Group Has $666,000 Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Csenge Advisory Group reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 6.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 2,296 shares of the technology company’s stock after selling 156 shares during the period. Csenge Advisory Group’s holdings in Arista Networks were worth $666,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Benjamin Edwards Inc. bought a new stake in Arista Networks during the first quarter worth about $26,000. Financial Synergies Wealth Advisors Inc. boosted its position in shares of Arista Networks by 872.7% during the 1st 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 in the last quarter. Atticus Wealth Management LLC increased its stake in Arista Networks by 3,625.0% in the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after acquiring an additional 145 shares during the last quarter. Rakuten Securities Inc. acquired a new position in Arista Networks during the fourth quarter valued at approximately $35,000. Finally, Sandy Spring Bank lifted its stake in Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after purchasing an additional 39 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ANET shares. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and lifted their price target for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Rosenblatt Securities restated a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research report on Friday, April 12th. UBS Group boosted their target price 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. Finally, The Goldman Sachs Group increased their price target on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $311.50.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $359.59 on Friday. Arista Networks, Inc. has a 52-week low of $149.10 and a 52-week high of $376.50. The company’s 50 day moving average price is $322.47 and its 200-day moving average price is $287.07. The company has a market capitalization of $112.68 billion, a P/E ratio of 50.08, a price-to-earnings-growth ratio of 3.21 and a beta of 1.11.

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

Arista Networks announced that its board has initiated a stock repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $265,739.76. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Marc Taxay sold 1,044 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $265,739.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John F. Mccool sold 416 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $105,888.64. The disclosure for this sale can be found here. Insiders have sold a total of 210,076 shares of company stock worth $68,928,479 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

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.