Arista Networks, Inc. (NYSE:ANET) Stock Holdings Raised by Archford Capital Strategies LLC

Archford Capital Strategies LLC raised its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 21.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,065 shares of the technology company's stock after buying an additional 6,448 shares during the period. Archford Capital Strategies LLC's holdings in Arista Networks were worth $2,872,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ANET. Vanguard Group Inc. increased its holdings 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 valued at $10,620,270,000 after acquiring an additional 72,311,318 shares in the last quarter. FMR LLC grew its holdings in Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after buying an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC grew its holdings 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 valued at $3,016,207,000 after buying an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC increased its position in Arista Networks by 311.6% during 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 buying an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. raised 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 owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now directly owns 7,480 shares of the company's stock, valued at $512,305.20. This represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock valued at $14,525,085 over the last 90 days. 3.39% of the stock is owned by corporate insiders.

Arista Networks Stock Up 5.6%

Shares of NYSE ANET traded up $5.40 during midday trading on Thursday, hitting $101.71. The stock had a trading volume of 15,250,168 shares, compared to its average volume of 9,073,065. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The company has a market capitalization of $127.74 billion, a price-to-earnings ratio of 43.05, a PEG ratio of 2.79 and a beta of 1.37. The company has a fifty day moving average price of $88.81 and a 200 day moving average price of $95.73.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the business earned $0.50 earnings per share. The company's revenue was up 27.6% compared to the same quarter last year. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has approved a stock 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 stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on ANET. KGI Securities cut Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and raised their price target for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Redburn Atlantic assumed coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price objective for the company. Evercore ISI raised their target price on shares of Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday. Finally, The Goldman Sachs Group lowered their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and a consensus target price of $109.33.

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.