Envestnet Portfolio Solutions Inc. Grows Stake in Arista Networks, Inc. (NYSE:ANET)

Envestnet Portfolio Solutions Inc. boosted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 24.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 105,075 shares of the technology company's stock after acquiring an additional 20,790 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Arista Networks were worth $8,141,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ANET. Capital Advisors Ltd. LLC boosted its stake in Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after purchasing an additional 191 shares during the period. Quarry LP boosted its position 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 acquiring an additional 206 shares during the period. Dunhill Financial LLC increased its holdings 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 period. Tradewinds Capital Management LLC lifted its stake in Arista Networks by 300.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock worth $34,000 after purchasing an additional 234 shares in the last quarter. Finally, McIlrath & Eck LLC bought a new position in Arista Networks in the 4th quarter valued at $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 26,000 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,397,980.00. Following the sale, the senior vice president now directly owns 592,400 shares in the company, valued at $54,637,052. This trade represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 161,690 shares of company stock worth $14,525,085. Corporate insiders own 3.54% of the company's stock.

Arista Networks Trading Up 6.7%

NYSE ANET traded up $5.78 during trading on Monday, hitting $92.03. The company had a trading volume of 16,207,050 shares, compared to its average volume of 9,040,769. The company's fifty day moving average is $87.52 and its 200-day moving average is $95.85. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company has a market cap of $115.58 billion, a price-to-earnings ratio of 38.95, a price-to-earnings-growth ratio of 2.53 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for 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 quarter in the prior year, the business earned $0.50 EPS. As a group, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Rosenblatt Securities upped their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Needham & Company LLC initiated coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating on the stock. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Morgan Stanley raised their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, Wedbush began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating on the stock. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $108.87.

Arista Networks 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.