PNC Financial Services Group Inc. Buys 3,763 Shares of Arista Networks, Inc. (NYSE:ANET)

PNC Financial Services Group Inc. lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 7.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 51,301 shares of the technology company’s stock after purchasing an additional 3,763 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Arista Networks were worth $12,082,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Arista Networks during the 4th quarter valued at $586,051,000. FUKOKU MUTUAL LIFE INSURANCE Co raised its holdings in shares of Arista Networks by 320.5% during the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,130 shares of the technology company’s stock valued at $1,208,000 after purchasing an additional 3,910 shares during the period. ING Groep NV boosted its position in shares of Arista Networks by 9.6% during the 4th quarter. ING Groep NV now owns 34,498 shares of the technology company’s stock worth $8,125,000 after purchasing an additional 3,017 shares in the last quarter. Brown Advisory Inc. bought a new stake in Arista Networks in the 4th quarter valued at about $220,000. Finally, Zevenbergen Capital Investments LLC boosted its holdings in Arista Networks by 15.2% in the fourth quarter. Zevenbergen Capital Investments LLC now owns 63,000 shares of the technology company’s stock worth $14,837,000 after acquiring an additional 8,300 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ANET. Wells Fargo & Company lifted their price target on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Oppenheimer reissued a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and increased their price target for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $325.00 price objective on shares of Arista Networks in a research report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $295.22.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 14,416 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the completion of the transaction, the senior vice president now directly owns 252,382 shares in the company, valued at $82,284,103.46. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Kenneth Duda sold 14,416 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the sale, the senior vice president now owns 252,382 shares in the company, valued at approximately $82,284,103.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John F. Mccool sold 584 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $281.60, for a total transaction of $164,454.40. The disclosure for this sale can be found here. Insiders have sold 394,836 shares of company stock worth $115,437,764 in the last three months. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Trading Down 0.2 %

Shares of Arista Networks stock opened at $316.50 on Thursday. The company’s 50-day moving average price is $286.42 and its 200-day moving average price is $260.16. Arista Networks, Inc. has a 12-month low of $139.18 and a 12-month high of $329.04. The company has a market cap of $99.18 billion, a price-to-earnings ratio of 44.08, a PEG ratio of 2.89 and a beta of 1.13.

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

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.