Ballentine Partners LLC Raises Position in Arista Networks, Inc. (NYSE:ANET)

Ballentine Partners LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 32.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,611 shares of the technology company's stock after acquiring an additional 3,595 shares during the period. Ballentine Partners LLC's holdings in Arista Networks were worth $1,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in ANET. Optimum Investment Advisors boosted its holdings in shares of Arista Networks by 31.3% in the 1st quarter. Optimum Investment Advisors now owns 525 shares of the technology company's stock valued at $41,000 after buying an additional 125 shares in the last quarter. Tradewinds Capital Management LLC lifted its position in Arista Networks by 45.8% during the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock valued at $35,000 after acquiring an additional 143 shares during the last quarter. Weaver Capital Management LLC boosted its stake in Arista Networks by 0.8% in the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock valued at $1,662,000 after acquiring an additional 162 shares in the last quarter. First American Bank grew its holdings in Arista Networks by 1.1% in the first quarter. First American Bank now owns 14,478 shares of the technology company's stock worth $1,122,000 after purchasing an additional 164 shares during the last quarter. Finally, ORG Partners LLC increased its position in shares of Arista Networks by 43.8% during the first quarter. ORG Partners LLC now owns 575 shares of the technology company's stock worth $45,000 after purchasing an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. KeyCorp initiated coverage on Arista Networks in a research report on Thursday, June 26th. They issued an "overweight" rating and a $115.00 price objective for the company. Morgan Stanley raised their price target on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Wolfe Research began coverage on shares of Arista Networks in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Wedbush began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued an "outperform" rating for the company. Finally, Citigroup boosted their target price on shares of Arista Networks from $112.00 to $123.00 and gave the stock a "buy" rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $110.07.

Arista Networks Trading Down 0.1%

ANET traded down $0.08 during midday trading on Monday, hitting $108.49. 8,859,444 shares of the company were exchanged, compared to its average volume of 10,809,786. The firm has a market capitalization of $136.25 billion, a price-to-earnings ratio of 45.92, a price-to-earnings-growth ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.57. The company's 50 day simple moving average is $95.05 and its 200 day simple moving average is $94.84.

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 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%. The business's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 26,000 shares of the 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 transaction, the senior vice president owned 592,400 shares in the company, valued at approximately $54,637,052. This represents a 4.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer owned 30,000 shares of the company's stock, valued at $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,123,370 shares of company stock worth $113,157,408. 3.54% of the stock is owned by company 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.