1832 Asset Management L.P. Increases Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

1832 Asset Management L.P. grew its position in Arista Networks, Inc. (NYSE:ANET) by 12.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,103 shares of the technology company’s stock after buying an additional 1,354 shares during the quarter. 1832 Asset Management L.P.’s holdings in Arista Networks were worth $3,510,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ANET. Raymond James & Associates increased its position in Arista Networks by 22.2% during the 4th quarter. Raymond James & Associates now owns 193,482 shares of the technology company’s stock worth $45,567,000 after purchasing an additional 35,092 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Arista Networks by 112.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 46,008 shares of the technology company’s stock worth $10,835,000 after purchasing an additional 24,366 shares in the last quarter. IFG Advisory LLC purchased a new stake in Arista Networks during the 4th quarter worth about $353,000. Ritholtz Wealth Management increased its position in Arista Networks by 4.2% during the 4th quarter. Ritholtz Wealth Management now owns 1,684 shares of the technology company’s stock worth $397,000 after purchasing an additional 68 shares in the last quarter. Finally, SeaCrest Wealth Management LLC increased its position in Arista Networks by 4.1% during the 4th quarter. SeaCrest Wealth Management LLC now owns 2,148 shares of the technology company’s stock worth $496,000 after purchasing an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the sale, the chief executive officer now directly owns 1,615,800 shares in the company, valued at approximately $512,208,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Arista Networks news, insider John F. Mccool sold 416 shares of Arista Networks stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $105,888.64. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total value of $7,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,615,800 shares of the company’s stock, valued at $512,208,600. The disclosure for this sale can be found here. Insiders have sold 210,076 shares of company stock worth $68,928,479 in the last three months. 3.54% of the stock is owned by insiders.

Arista Networks Price Performance

Arista Networks stock traded up $5.09 during midday trading on Friday, hitting $319.21. 2,351,934 shares of the company were exchanged, compared to its average volume of 1,894,565. The company’s fifty day moving average price is $330.65 and its 200-day moving average price is $295.33. The company has a market cap of $100.03 billion, a PE ratio of 44.46, a price-to-earnings-growth ratio of 2.77 and a beta of 1.11. Arista Networks, Inc. has a fifty-two week low of $149.10 and a fifty-two week high of $376.50.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, topping the consensus estimate 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. On average, analysts expect that Arista Networks, Inc. will post 7.06 EPS for the current fiscal year.

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

Analysts Set New Price Targets

ANET has been the topic of a number of research analyst reports. Citigroup raised their price target on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Evercore ISI raised their price target on Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. raised their price target on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Wells Fargo & Company raised their price target on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Rosenblatt Securities reissued a “sell” rating and issued a $210.00 price target on shares of Arista Networks in a research note on Friday, April 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $333.12.

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.