Arista Networks, Inc. (NYSE:ANET) Shares Bought by Quantinno Capital Management LP

Quantinno Capital Management LP grew its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 376.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 227,278 shares of the technology company's stock after acquiring an additional 179,546 shares during the period. Quantinno Capital Management LP's holdings in Arista Networks were worth $25,121,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of ANET. Aprio Wealth Management LLC increased its stake in shares of Arista Networks by 300.0% during the fourth quarter. Aprio Wealth Management LLC now owns 2,672 shares of the technology company's stock worth $295,000 after purchasing an additional 2,004 shares in the last quarter. Brookstone Capital Management raised its holdings in shares of Arista Networks by 373.2% during the fourth quarter. Brookstone Capital Management now owns 85,705 shares of the technology company's stock valued at $9,473,000 after acquiring an additional 67,592 shares during the last quarter. Capital Investment Advisors LLC raised its holdings in shares of Arista Networks by 371.7% during the fourth quarter. Capital Investment Advisors LLC now owns 3,750 shares of the technology company's stock valued at $415,000 after acquiring an additional 2,955 shares during the last quarter. CHICAGO TRUST Co NA lifted its position in shares of Arista Networks by 262.7% in the fourth quarter. CHICAGO TRUST Co NA now owns 2,176 shares of the technology company's stock valued at $241,000 after acquiring an additional 1,576 shares in the last quarter. Finally, Fragasso Financial Advisors Inc boosted its stake in shares of Arista Networks by 305.6% in the fourth quarter. Fragasso Financial Advisors Inc now owns 4,449 shares of the technology company's stock worth $492,000 after acquiring an additional 3,352 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $97.24 on Wednesday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The business has a 50-day simple moving average of $79.29 and a 200-day simple moving average of $97.25. The company has a market cap of $122.13 billion, a PE ratio of 43.80, a P/E/G ratio of 3.10 and a beta of 1.38.

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

Arista Networks declared that its board has authorized a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ANET. Evercore ISI dropped their target price on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Citigroup increased their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Rosenblatt Securities increased their price target on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, Barclays lowered their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and an average target price of $107.14.

Insider Activity at Arista Networks

In other news, SVP Marc Taxay sold 51,848 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 1,488 shares of the company's stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the sale, the director now directly owns 8,128 shares of the company's stock, valued at approximately $870,752.64. This represents a 15.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 412,355 shares of company stock valued at $37,216,079 in the last three months. 3.39% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.