Arista Networks, Inc. (NYSE:ANET) Stake Raised by Cerity Partners LLC

Cerity Partners LLC grew its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 176.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 270,726 shares of the technology company's stock after acquiring an additional 172,632 shares during the quarter. Cerity Partners LLC's holdings in Arista Networks were worth $20,006,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP grew its stake in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares in the last quarter. Dunhill Financial LLC increased its position in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares in the last quarter. McIlrath & Eck LLC acquired a new stake in shares of Arista Networks during the fourth quarter worth about $35,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Arista Networks during the fourth quarter worth about $37,000. Finally, HighMark Wealth Management LLC increased its position in shares of Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analysts Set New Price Targets

ANET has been the subject of several analyst reports. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Wedbush initiated coverage on Arista Networks in a research note on Wednesday, May 28th. They set an "outperform" rating for the company. Citigroup upped their price objective on Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research note on Friday. The Goldman Sachs Group dropped their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, BNP Paribas cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $110.07.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 748,444 shares of the business'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 owned 30,000 shares in the company, valued at approximately $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the transaction, the director owned 65,784 shares in the company, valued at approximately $6,536,298.24. This trade represents a 10.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,123,370 shares of company stock worth $113,157,408. Corporate insiders own 3.54% of the company's stock.

Arista Networks Trading Down 0.5%

Shares of Arista Networks stock traded down $0.59 during trading hours on Tuesday, reaching $107.79. 1,666,731 shares of the company's stock were exchanged, compared to its average volume of 9,146,994. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The firm has a market capitalization of $135.37 billion, a price-to-earnings ratio of 45.61, a price-to-earnings-growth ratio of 3.16 and a beta of 1.40. The company has a fifty day moving average of $95.42 and a 200-day moving average of $94.81.

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

Arista Networks declared that its board has approved a share buyback program 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 programs are typically a sign that the company's board 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.