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CoreCap Advisors LLC Buys 8,837 Shares of Arista Networks, Inc. (NYSE:ANET)

Arista Networks logo with Computer and Technology background

CoreCap Advisors LLC grew its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 121.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,141 shares of the technology company's stock after acquiring an additional 8,837 shares during the quarter. CoreCap Advisors LLC's holdings in Arista Networks were worth $1,784,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of ANET. Cornerstone Select Advisors LLC acquired a new position in shares of Arista Networks during the fourth quarter worth approximately $1,644,000. Cresset Asset Management LLC lifted its stake in shares of Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after acquiring an additional 20,059,303 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in Arista Networks by 322.4% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 264,372 shares of the technology company's stock valued at $29,221,000 after acquiring an additional 201,783 shares during the last quarter. Capitolis Liquid Global Markets LLC acquired a new stake in Arista Networks in the fourth quarter worth about $92,514,000. Finally, Cetera Investment Advisers raised its holdings in Arista Networks by 329.0% during the 4th quarter. Cetera Investment Advisers now owns 309,402 shares of the technology company's stock worth $34,198,000 after purchasing an additional 237,274 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Kelly Bodnar Battles sold 1,488 shares of the business's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the sale, the director now directly owns 8,128 shares in the company, valued at $870,752.64. The trade was a 15.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 412,355 shares of company stock valued at $37,216,079 over the last ninety days. 3.39% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ANET shares. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. The Goldman Sachs Group cut their price target on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Barclays dropped their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Needham & Company LLC reduced their target price on shares of Arista Networks from $145.00 to $130.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and a consensus target price of $107.14.

View Our Latest Report on ANET

Arista Networks Stock Up 0.7%

Shares of ANET stock traded up $0.68 on Wednesday, reaching $97.93. The stock had a trading volume of 7,332,418 shares, compared to its average volume of 9,056,605. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The firm has a market capitalization of $122.99 billion, a price-to-earnings ratio of 44.11, a P/E/G ratio of 3.10 and a beta of 1.38. The firm's 50-day moving average is $79.29 and its two-hundred day moving average is $97.25.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business's revenue was up 27.6% on a year-over-year basis. During the same period last year, the firm posted $0.50 earnings per share. On average, sell-side analysts forecast 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 buyback plan 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Arista Networks Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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