Cambridge Investment Research Advisors Inc. Has $29.22 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Cambridge Investment Research Advisors Inc. raised its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 322.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 264,372 shares of the technology company's stock after purchasing an additional 201,783 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Arista Networks were worth $29,221,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Caitlin John LLC increased its stake in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in shares of Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after purchasing an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC grew its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after buying an additional 198 shares during the last quarter. Trust Co. of Vermont boosted its stake in Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Finally, New Millennium Group LLC grew its holdings in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 195 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Performance

NYSE ANET opened at $91.10 on Wednesday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company has a market capitalization of $114.38 billion, a price-to-earnings ratio of 41.03, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The company's 50-day simple moving average is $79.02 and its two-hundred day simple moving average is $97.58.

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

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

Analysts Set New Price Targets

Several research firms have commented on ANET. Morgan Stanley increased their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Needham & Company LLC reissued a "buy" rating and issued a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. Evercore ISI decreased their price target on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, Rosenblatt Securities raised Arista Networks from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $55.00 to $85.00 in a research note on Tuesday, April 29th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $108.36.

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This trade represents a 16.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $88.58, for a total value of $708,640.00. Following the transaction, the director now owns 131,784 shares in the company, valued at approximately $11,673,426.72. This represents a 5.72 % decrease in their position. 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 over the last ninety days. Company insiders own 3.54% of the company's stock.

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.

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