Transcend Capital Advisors LLC Purchases New Stake in Arista Networks, Inc. (NYSE:ANET)

Transcend Capital Advisors LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,716 shares of the technology company's stock, valued at approximately $210,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after acquiring an additional 72,311,318 shares during the last quarter. FMR LLC lifted its holdings in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after acquiring an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC lifted its holdings in shares of Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after acquiring an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of NYSE:ANET traded up $2.16 during trading on Wednesday, reaching $101.07. The stock had a trading volume of 8,322,942 shares, compared to its average volume of 9,103,713. The firm's fifty day moving average is $91.29 and its 200 day moving average is $95.46. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a market cap of $126.94 billion, a price-to-earnings ratio of 42.78, a P/E/G ratio of 2.88 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 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 30.48%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the firm posted $0.50 EPS. The company's quarterly revenue was up 27.6% on a year-over-year basis. On average, research analysts forecast 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 stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently commented on ANET shares. Morgan Stanley increased their target price on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Citigroup increased their target price on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a report on Wednesday, June 11th. JPMorgan Chase & Co. cut their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Rosenblatt Securities upped their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $109.33.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the sale, the director owned 123,784 shares of the company's stock, valued at $10,915,273.12. This trade represents a 6.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 26,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total transaction of $2,397,980.00. Following the sale, the senior vice president directly owned 592,400 shares of the company's stock, valued at approximately $54,637,052. This trade represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,115,400 shares of company stock worth $112,364,640. 3.39% of the stock is owned by corporate insiders.

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.