Janus Henderson Group PLC Has $102.93 Million Position in Arista Networks, Inc. (NYSE:ANET)

Janus Henderson Group PLC cut its stake in Arista Networks, Inc. (NYSE:ANET) by 7.6% in the first quarter, Holdings Channel.com reports. The firm owned 355,165 shares of the technology company’s stock after selling 29,232 shares during the quarter. Janus Henderson Group PLC’s holdings in Arista Networks were worth $102,929,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. GQG Partners LLC acquired a new position in Arista Networks during the first quarter worth $881,848,000. Norges Bank acquired a new stake in Arista Networks in the 4th quarter valued at about $586,051,000. Vanguard Group Inc. grew its holdings in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. International Assets Investment Management LLC raised its stake in Arista Networks by 25,188.0% in the fourth quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after buying an additional 611,312 shares during the period. Finally, TD Asset Management Inc boosted its stake in shares of Arista Networks by 145.5% during the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after acquiring an additional 471,099 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ANET has been the subject of several research reports. KeyCorp raised their price target on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Citigroup increased their price target on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a report on Wednesday. Evercore ISI increased their target price on Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Finally, Barclays upped their price objective on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $343.12.

Arista Networks Trading Up 10.0 %

NYSE ANET traded up $31.09 on Wednesday, hitting $342.51. 2,212,419 shares of the company’s stock were exchanged, compared to its average volume of 2,461,560. Arista Networks, Inc. has a 52 week low of $150.72 and a 52 week high of $376.50. The stock has a 50-day moving average of $330.57 and a 200-day moving average of $296.56. The stock has a market cap of $107.33 billion, a price-to-earnings ratio of 47.21, a P/E/G ratio of 2.82 and a beta of 1.11.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm earned $1.41 earnings per share. The business’s quarterly revenue was up 15.9% on a year-over-year basis. As a group, analysts predict that Arista Networks, Inc. will post 7.08 earnings per share for the current year.

Arista Networks announced that its board has authorized a stock buyback program on Tuesday, May 7th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 1,500 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total value of $388,155.00. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,575,312.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Kelly Bodnar Battles sold 356 shares of Arista Networks stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $274.91, for a total value of $97,867.96. Following the transaction, the director now directly owns 2,570 shares of the company’s stock, valued at $706,518.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total value of $388,155.00. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at $4,575,312.37. The disclosure for this sale can be found here. Insiders sold a total of 206,616 shares of company stock valued at $68,045,190 in the last quarter. Insiders own 3.54% of the company’s stock.

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.