Arista Networks, Inc. (NYSE:ANET) Shares Purchased by Ethic Inc.

Ethic Inc. boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 379.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 116,471 shares of the technology company's stock after buying an additional 92,197 shares during the period. Ethic Inc.'s holdings in Arista Networks were worth $12,874,000 at the end of the most recent quarter.

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

Arista Networks Stock Up 6.6%

Shares of NYSE:ANET traded up $5.74 during trading on Monday, hitting $92.26. The stock had a trading volume of 9,779,207 shares, compared to its average volume of 9,058,190. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The stock has a market capitalization of $115.87 billion, a price-to-earnings ratio of 41.56, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The stock has a 50-day simple moving average of $78.94 and a two-hundred day simple moving average of $97.29.

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 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 analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the business earned $0.50 earnings per share. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ANET has been the topic of several research reports. Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. The Goldman Sachs Group cut their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Citigroup raised their price objective on Arista Networks from $92.00 to $97.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, Rosenblatt Securities raised their price objective on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $106.07.

Insider Activity at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the business's stock in a transaction that occurred 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the sale, the chief executive officer now owns 92,641 shares of the company's stock, valued at $8,697,137.08. This trade represents a 59.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 412,355 shares of company stock worth $37,216,079. 3.39% of the stock is owned by corporate insiders.

Arista Networks Company 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.