Two Sigma Advisers LP Has $43.89 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Two Sigma Advisers LP lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 2,495.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 397,100 shares of the technology company's stock after buying an additional 381,800 shares during the quarter. Two Sigma Advisers LP's holdings in Arista Networks were worth $43,891,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Merit Financial Group LLC grew its holdings in Arista Networks by 863.1% during the 4th quarter. Merit Financial Group LLC now owns 24,242 shares of the technology company's stock worth $2,679,000 after acquiring an additional 21,725 shares in the last quarter. Arkadios Wealth Advisors lifted its position in shares of Arista Networks by 422.8% during the fourth quarter. Arkadios Wealth Advisors now owns 12,039 shares of the technology company's stock worth $1,331,000 after purchasing an additional 9,736 shares during the last quarter. Trust Co. of Vermont grew its stake in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock worth $29,000 after purchasing an additional 198 shares in the last quarter. Clarius Group LLC grew its stake in Arista Networks by 253.6% in the fourth quarter. Clarius Group LLC now owns 4,749 shares of the technology company's stock worth $525,000 after purchasing an additional 3,406 shares in the last quarter. Finally, Annex Advisory Services LLC increased its holdings in Arista Networks by 292.7% in the fourth quarter. Annex Advisory Services LLC now owns 3,558 shares of the technology company's stock valued at $393,000 after buying an additional 2,652 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Down 1.5%

Arista Networks stock traded down $1.37 during trading hours on Friday, hitting $91.19. 7,449,715 shares of the company traded hands, compared to its average volume of 9,054,757. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The firm has a market cap of $114.52 billion, a P/E ratio of 41.08, a P/E/G ratio of 3.10 and a beta of 1.38. The firm's 50-day simple moving average is $81.26 and its two-hundred day simple moving average is $97.10.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates 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 net margin of 40.72% and a return on equity of 29.91%. The business's revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter last year, the business earned $0.50 earnings per share. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total value of $712,240.00. Following the transaction, the director now owns 147,784 shares in the company, valued at approximately $13,157,209.52. The trade was a 5.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 17,433 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.14, for a total value of $1,623,709.62. Following the sale, the insider now directly owns 17,433 shares of the company's stock, valued at approximately $1,623,709.62. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 410,587 shares of company stock worth $37,028,000. 3.39% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ANET has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $130.00 target price on shares of Arista Networks in a report on Thursday, May 15th. Citigroup upped their price target on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. reduced their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Barclays dropped their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has a consensus rating of "Moderate Buy" and an average price target of $107.14.

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.