Arista Networks, Inc. (NYSE:ANET) Shares Bought by Bridgefront Capital LLC

Bridgefront Capital LLC grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 815.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,801 shares of the technology company's stock after buying an additional 11,402 shares during the quarter. Bridgefront Capital LLC's holdings in Arista Networks were worth $1,415,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ANET. World Investment Advisors LLC bought a new stake in Arista Networks during the 3rd quarter valued at $401,000. Franklin Resources Inc. grew its stake in Arista Networks by 16.3% in the third quarter. Franklin Resources Inc. now owns 979,592 shares of the technology company's stock valued at $405,032,000 after purchasing an additional 137,564 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Arista Networks by 9.3% in the third quarter. Principal Financial Group Inc. now owns 339,556 shares of the technology company's stock worth $130,328,000 after purchasing an additional 29,006 shares in the last quarter. CWA Asset Management Group LLC boosted its holdings in shares of Arista Networks by 324.8% in the 4th quarter. CWA Asset Management Group LLC now owns 3,292 shares of the technology company's stock valued at $364,000 after buying an additional 2,517 shares in the last quarter. Finally, Capital Market Strategies LLC grew its position in shares of Arista Networks by 307.5% in the 4th quarter. Capital Market Strategies LLC now owns 5,294 shares of the technology company's stock worth $585,000 after buying an additional 3,995 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 1.0 %

ANET traded up $0.89 on Thursday, reaching $87.34. The stock had a trading volume of 9,715,243 shares, compared to its average volume of 9,115,658. The business's 50-day moving average price is $78.89 and its two-hundred day moving average price is $97.50. The company has a market cap of $109.67 billion, a P/E ratio of 39.34, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.50 earnings per share. As a group, analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has approved a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ANET. Citigroup raised their target price on shares of Arista Networks from $92.00 to $97.00 and gave the company a "buy" rating in a research note on Wednesday. KGI Securities downgraded Arista Networks to a "neutral" rating in a research note on Wednesday. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. 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 note on Thursday, April 17th. Finally, Barclays lowered their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $106.07.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $89.03, for a total transaction of $712,240.00. Following the completion of the sale, the director now owns 147,784 shares of the company's stock, valued at $13,157,209.52. The trade was a 5.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business's 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 sale, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This trade represents a 16.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 412,355 shares of company stock valued at $37,216,079. 3.39% of the stock is owned by corporate insiders.

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.