BLI Banque de Luxembourg Investments Acquires New Position in Arista Networks, Inc. (NYSE:ANET)

BLI Banque de Luxembourg Investments acquired a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 52,000 shares of the technology company's stock, valued at approximately $5,793,000.

A number of other institutional investors also recently modified their holdings of ANET. Vanguard Group Inc. increased its position in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after buying an additional 72,311,318 shares in the last quarter. FMR LLC grew its holdings in Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after buying an additional 44,269,572 shares in the last quarter. Geode Capital Management LLC lifted its stake in Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares during the last quarter. Finally, Norges Bank bought a new stake in Arista Networks in the 4th quarter worth about $1,397,833,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Trading Up 0.8 %

Shares of NYSE:ANET traded up $0.72 on Tuesday, reaching $91.10. 14,128,172 shares of the company traded hands, compared to its average volume of 9,192,749. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The business's 50-day simple moving average is $79.02 and its 200 day simple moving average is $97.58. The stock has a market capitalization of $114.38 billion, a P/E ratio of 41.03, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Evercore ISI reduced their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Citigroup decreased their price objective on shares of Arista Networks from $121.00 to $92.00 and set a "buy" rating for the company in a report on Monday, April 14th. Rosenblatt Securities raised shares of Arista Networks from a "sell" rating to a "neutral" rating and increased their target price for the company from $55.00 to $85.00 in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. dropped their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $108.36.

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This represents a 16.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total value of $712,240.00. Following the sale, the director now owns 147,784 shares in the company, valued at $13,157,209.52. This represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 412,355 shares of company stock valued at $39,259,279 in the last quarter. Insiders own 3.54% of the company's stock.

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.