Arista Networks, Inc. (NYSE:ANET) Shares Purchased by Harbour Capital Advisors LLC

Harbour Capital Advisors LLC raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 29.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,297 shares of the technology company's stock after buying an additional 4,172 shares during the period. Harbour Capital Advisors LLC's holdings in Arista Networks were worth $1,304,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Capital Advisors Ltd. LLC grew 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 valued at $27,000 after acquiring an additional 191 shares during the period. Quarry LP increased its stake in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC raised its position in shares of 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 purchasing an additional 212 shares during the last quarter. McIlrath & Eck LLC purchased a new position in Arista Networks in the 4th quarter valued at about $35,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Arista Networks in the 4th quarter worth about $37,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Trading Up 3.3%

ANET traded up $3.07 on Tuesday, hitting $95.02. 11,269,160 shares of the company were exchanged, compared to its average volume of 9,049,695. The firm has a 50-day moving average price of $87.89 and a two-hundred day moving average price of $95.73. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The company has a market cap of $119.34 billion, a price-to-earnings ratio of 40.22, a price-to-earnings-growth ratio of 2.53 and a beta of 1.37.

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, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter last year, the company earned $0.50 earnings per share. The firm's revenue was up 27.6% compared to the same quarter last year. Equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 26,000 shares of the company's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,397,980.00. Following the completion of the sale, the senior vice president now directly owns 592,400 shares of the company's stock, valued at $54,637,052. This represents a 4.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. This represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 161,690 shares of company stock worth $14,525,085. Corporate insiders own 3.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ANET. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Redburn Atlantic started coverage on Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target for the company. Citigroup boosted their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. The Goldman Sachs Group decreased their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Morgan Stanley upped their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $108.87.

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.