Mediolanum International Funds Ltd Acquires New Position in Arista Networks, Inc. (NYSE:ANET)

Mediolanum International Funds Ltd acquired a new stake in Arista Networks, Inc. (NYSE:ANETFree Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,042 shares of the technology company’s stock, valued at approximately $6,357,000.

Other large investors have also bought and sold shares of the company. PNC Financial Services Group Inc. raised its holdings in Arista Networks by 7.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock worth $12,082,000 after purchasing an additional 3,763 shares during the period. Lebenthal Global Advisors LLC bought a new position in Arista Networks in the fourth quarter valued at $662,000. US Bancorp DE grew its position in shares of Arista Networks by 6.3% in the 4th quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock valued at $10,082,000 after acquiring an additional 2,535 shares during the period. Advisor Resource Council grew its position in shares of Arista Networks by 507.9% in the 4th quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock valued at $1,653,000 after acquiring an additional 5,866 shares during the period. Finally, WCM Investment Management LLC grew its position in shares of Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after acquiring an additional 16,081 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of Arista Networks stock traded down $2.00 during midday trading on Wednesday, hitting $363.75. 2,295,027 shares of the company traded hands, compared to its average volume of 2,477,714. The stock has a market cap of $113.98 billion, a price-to-earnings ratio of 50.94, a PEG ratio of 3.28 and a beta of 1.11. The firm’s fifty day moving average price is $318.34 and its 200-day moving average price is $286.02. Arista Networks, Inc. has a 12 month low of $149.10 and a 12 month high of $376.50.

Arista Networks (NYSE:ANETGet Free Report) last announced its quarterly 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. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. Equities research analysts forecast that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

Arista Networks declared that its board has initiated a share buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 shares were sold at an average price of $254.54, for a total transaction of $265,739.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The disclosure for this sale can be found here. Insiders have sold 210,076 shares of company stock valued at $68,928,479 in the last ninety days. 3.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ANET shares. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Citigroup lifted their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. 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 research note on Thursday, April 11th. Finally, UBS Group lifted their price objective 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. One research 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 a consensus rating of “Moderate Buy” and a consensus price target of $311.50.

View Our Latest Research Report on ANET

Arista Networks Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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