Arista Networks, Inc. (NYSE:ANET) Shares Bought by Rise Advisors LLC

Rise Advisors LLC grew its holdings in Arista Networks, Inc. (NYSE:ANET) by 58.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 334 shares of the technology company’s stock after acquiring an additional 123 shares during the quarter. Rise Advisors LLC’s holdings in Arista Networks were worth $97,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after acquiring an additional 1,596,040 shares during the period. Capital World Investors increased its holdings in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC increased its holdings in shares of Arista Networks by 0.5% in the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after purchasing an additional 16,081 shares during the period. Norges Bank purchased a new position in shares of Arista Networks in the fourth quarter worth about $586,051,000. Finally, Northern Trust Corp lifted its holdings in shares of Arista Networks by 5.0% during the third quarter. Northern Trust Corp now owns 2,403,738 shares of the technology company’s stock worth $442,120,000 after purchasing an additional 114,978 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

ANET stock opened at $340.34 on Thursday. Arista Networks, Inc. has a 12-month low of $148.32 and a 12-month high of $345.06. The business’s 50-day moving average is $293.06 and its 200 day moving average is $273.51. The stock has a market cap of $106.65 billion, a price-to-earnings ratio of 47.40, a PEG ratio of 3.08 and a beta of 1.08.

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

Arista Networks declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 7th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the technology company to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 22,000 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $303.00, for a total value of $6,666,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,665,300 shares in the company, valued at $504,585,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Arista Networks news, insider John F. Mccool sold 580 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $292.28, for a total transaction of $169,522.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 22,000 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $303.00, for a total value of $6,666,000.00. Following the completion of the sale, the chief executive officer now owns 1,665,300 shares of the company’s stock, valued at $504,585,900. The disclosure for this sale can be found here. Insiders have sold a total of 279,950 shares of company stock valued at $85,099,340 in the last 90 days. 3.54% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. KeyCorp raised their price target on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Wells Fargo & Company raised their target price on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and upped their price objective for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. Finally, Evercore ISI lifted their target price on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a report on Monday, May 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $298.17.

Arista Networks Company 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.