Allianz SE Purchases 3,020 Shares of Arista Networks, Inc. (NYSE:ANET)

Allianz SE raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 6.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,296 shares of the technology company's stock after purchasing an additional 3,020 shares during the period. Allianz SE's holdings in Arista Networks were worth $3,819,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. HighMark Wealth Management LLC grew its position in shares of Arista Networks by 179.7% during the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after buying an additional 230 shares during the period. Quarry LP raised its position in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares during the period. Dunhill Financial LLC boosted its stake in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares during the last quarter. Cloud Capital Management LLC acquired a new position in Arista Networks during the first quarter valued at approximately $30,000. Finally, McIlrath & Eck LLC bought a new stake in Arista Networks in the fourth quarter valued at approximately $35,000. Institutional investors own 82.47% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ANET shares. Wolfe Research assumed coverage on shares of Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Barclays reduced their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Evercore ISI boosted their target price on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Finally, Erste Group Bank upgraded Arista Networks from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $114.00.

Arista Networks Trading Down 4.6%

Shares of ANET stock opened at $117.56 on Monday. The firm's fifty day moving average price is $101.48 and its two-hundred day moving average price is $94.81. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.57. The firm has a market capitalization of $147.65 billion, a P/E ratio of 49.76, a PEG ratio of 3.42 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping 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 revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.50 earnings per share. As a group, equities research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 864 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $114.68, for a total transaction of $99,083.52. Following the transaction, the director directly owned 7,460 shares in the company, valued at approximately $855,512.80. The trade was a 10.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 288,820 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $122.19, for a total transaction of $35,290,915.80. Following the sale, the chief executive officer directly owned 6,065,859 shares in the company, valued at $741,187,311.21. This trade represents a 4.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,635,562 shares of company stock worth $291,955,743. 3.54% 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.

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