Cornerstone Select Advisors LLC Acquires New Shares in Arista Networks, Inc. (NYSE:ANET)

Cornerstone Select Advisors LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 14,875 shares of the technology company's stock, valued at approximately $1,644,000. Arista Networks makes up about 1.6% of Cornerstone Select Advisors LLC's portfolio, making the stock its 19th biggest position.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Caitlin John LLC lifted its stake in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after purchasing an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC lifted its stake 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 valued at $27,000 after acquiring an additional 191 shares during the last quarter. New Millennium Group LLC boosted its holdings in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 195 shares in the last quarter. Quarry LP grew its position in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the last quarter. Finally, Cranbrook Wealth Management LLC increased its holdings in Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock worth $29,000 after purchasing an additional 198 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Arista Networks Trading Up 0.8 %

NYSE:ANET opened at $91.10 on Wednesday. The firm has a fifty day simple moving average of $79.02 and a two-hundred day simple moving average of $97.58. The stock has a market capitalization of $114.38 billion, a price-to-earnings ratio of 41.03, a PEG 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 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. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the company earned $0.50 earnings per share. The business's revenue was up 27.6% on a year-over-year basis. Equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a share buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $88.58, for a total transaction of $708,640.00. Following the completion of the sale, the director now owns 131,784 shares of the company's stock, valued at approximately $11,673,426.72. This trade represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 412,355 shares of company stock worth $39,259,279. Insiders own 3.54% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on ANET. JPMorgan Chase & Co. reduced their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Citigroup cut their target price on shares of Arista Networks from $121.00 to $92.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Morgan Stanley upped their price target on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Needham & Company LLC restated a "buy" rating and issued a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of "Moderate Buy" and a consensus target price of $108.36.

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.

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