Arista Networks, Inc. (NYSE:ANET) Shares Acquired by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG increased its stake in Arista Networks by 35.5%, acquiring an additional 78,833 shares, bringing its total holdings to 300,832 shares valued at approximately $23.3 million.
• Arista Networks reported $0.65 earnings per share for the most recent quarter, surpassing expectations of $0.59, with revenues of $2 billion, reflecting a 27.6% increase year-over-year.
• The company initiated a $1.5 billion share repurchase program, signaling that management believes the stock may be undervalued.

J. Safra Sarasin Holding AG grew its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 35.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 300,832 shares of the technology company's stock after purchasing an additional 78,833 shares during the period. J. Safra Sarasin Holding AG's holdings in Arista Networks were worth $23,308,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. HighMark Wealth Management LLC grew its holdings in 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 acquiring an additional 230 shares during the period. Quarry LP grew its holdings in 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 acquiring an additional 206 shares during the period. Dunhill Financial LLC grew its holdings in 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 acquiring an additional 212 shares during the period. Cloud Capital Management LLC acquired a new position in Arista Networks during the first quarter worth $30,000. Finally, McIlrath & Eck LLC acquired a new position in Arista Networks during the fourth quarter worth $35,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Trading Down 4.6%

NYSE:ANET opened at $117.56 on Friday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.57. The firm has a market cap of $147.65 billion, a price-to-earnings ratio of 49.76, a price-to-earnings-growth ratio of 3.58 and a beta of 1.37. The company's 50-day moving average is $101.48 and its two-hundred day moving average is $95.12.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company'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 earnings per share. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm'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 sale, the director directly owned 65,784 shares of the company's stock, valued at approximately $6,536,298.24. This trade represents a 10.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 288,820 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $122.19, for a total value of $35,290,915.80. Following the completion of the sale, the chief executive officer directly owned 6,065,859 shares in the company, valued at approximately $741,187,311.21. The trade was a 4.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,635,562 shares of company stock worth $291,955,743 over the last ninety days. Company insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

ANET has been the topic of a number of recent analyst reports. KeyCorp initiated coverage on Arista Networks in a report on Thursday, June 26th. They set an "overweight" rating and a $115.00 price objective on the stock. Rosenblatt Securities upped their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. BNP Paribas downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Finally, Evercore ISI boosted their target price on Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $114.00.

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.

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