Allegiance Financial Group Advisory Services LLC Purchases Shares of 5,537 Arista Networks, Inc. (NYSE:ANET)

Allegiance Financial Group Advisory Services LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,537 shares of the technology company's stock, valued at approximately $429,000.

A number of other institutional investors have also recently added to or reduced their stakes in ANET. Vanguard Group Inc. increased its stake in Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the period. FMR LLC increased its stake in Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC increased its stake in Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after buying an additional 20,059,303 shares during the period. Geode Capital Management LLC raised its holdings in 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 valued at $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ANET shares. Barclays reduced their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. KeyCorp began coverage on Arista Networks in a research report on Thursday, June 26th. They set an "overweight" rating and a $115.00 price objective for the company. Needham & Company LLC began coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating for the company. Wolfe Research initiated coverage on Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Finally, BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and a consensus target price of $111.40.

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the transaction, the senior vice president directly owned 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of the company's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the transaction, the chief executive officer directly owned 30,000 shares of the company's stock, valued at $3,072,900. This represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock worth $113,157,408 over the last quarter. 3.39% of the stock is currently owned by company insiders.

Arista Networks Trading Down 0.3%

NYSE:ANET traded down $0.29 during trading hours on Friday, hitting $111.70. 1,773,890 shares of the company traded hands, compared to its average volume of 9,142,068. The stock has a market capitalization of $140.28 billion, a price-to-earnings ratio of 47.19, a P/E/G ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The firm has a 50-day moving average of $96.68 and a 200 day moving average of $94.99.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% 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 quarter in the previous year, the firm earned $0.50 EPS. Equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a stock repurchase program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its shares are undervalued.

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.

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