Arista Networks, Inc. (NYSE:ANET) is Jacobs Levy Equity Management Inc.'s 8th Largest Position

Jacobs Levy Equity Management Inc. raised its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 297,109.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,462,488 shares of the technology company's stock after purchasing an additional 3,461,323 shares during the quarter. Arista Networks accounts for 1.4% of Jacobs Levy Equity Management Inc.'s investment portfolio, making the stock its 8th largest position. Jacobs Levy Equity Management Inc. owned approximately 0.27% of Arista Networks worth $382,709,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in Arista Networks by 9.3% during the third quarter. Principal Financial Group Inc. now owns 339,556 shares of the technology company's stock valued at $130,328,000 after purchasing an additional 29,006 shares during the period. ORG Partners LLC grew its stake in shares of Arista Networks by 179.7% during the 4th quarter. ORG Partners LLC now owns 400 shares of the technology company's stock worth $44,000 after acquiring an additional 257 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Arista Networks by 0.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 82,495 shares of the technology company's stock worth $9,118,000 after acquiring an additional 562 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in Arista Networks by 308.2% in the 4th quarter. Harbor Capital Advisors Inc. now owns 10,809 shares of the technology company's stock valued at $1,195,000 after acquiring an additional 8,161 shares during the period. Finally, HBW Advisory Services LLC lifted its holdings in Arista Networks by 329.1% during the fourth quarter. HBW Advisory Services LLC now owns 3,141 shares of the technology company's stock valued at $347,000 after purchasing an additional 2,409 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Up 0.1%

Shares of ANET traded up $0.08 during trading hours on Wednesday, reaching $97.33. 2,867,700 shares of the company's stock traded hands, compared to its average volume of 9,039,411. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The stock has a market cap of $122.23 billion, a PE ratio of 43.70, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The firm's 50 day simple moving average is $79.29 and its 200-day simple moving average is $97.25.

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

Arista Networks declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages recently commented on ANET. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. KGI Securities cut shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Evercore ISI cut their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Piper Sandler reiterated a "neutral" rating and issued a $89.00 price target (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. dropped their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $107.14.

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the transaction, the director now directly owns 8,128 shares of the company's stock, valued at approximately $870,752.64. This trade represents a 15.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 17,433 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $96.57, for a total transaction of $1,683,504.81. The disclosure for this sale can be found here. Insiders have sold a total of 412,355 shares of company stock valued at $37,216,079 over the last 90 days. 3.39% of the stock is owned by 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.