Cim LLC Boosts Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Cim LLC raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 2,047.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 118,445 shares of the technology company's stock after buying an additional 112,929 shares during the period. Arista Networks accounts for 1.9% of Cim LLC's investment portfolio, making the stock its 23rd biggest holding. Cim LLC's holdings in Arista Networks were worth $13,092,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ANET. Avior Wealth Management LLC boosted its holdings in Arista Networks by 334.1% in the 4th quarter. Avior Wealth Management LLC now owns 1,272 shares of the technology company's stock valued at $141,000 after purchasing an additional 979 shares during the period. Brighton Jones LLC lifted its stake in Arista Networks by 321.7% in the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after purchasing an additional 5,955 shares during the last quarter. Cornerstone Wealth Management LLC lifted its stake in Arista Networks by 323.7% in the fourth quarter. Cornerstone Wealth Management LLC now owns 2,284 shares of the technology company's stock worth $252,000 after purchasing an additional 1,745 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Arista Networks by 275.6% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,799 shares of the technology company's stock worth $199,000 after purchasing an additional 1,320 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC lifted its stake in Arista Networks by 300.7% in the fourth quarter. Cyndeo Wealth Partners LLC now owns 3,037 shares of the technology company's stock worth $336,000 after purchasing an additional 2,279 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Activity at Arista Networks

In related news, SVP Marc Taxay sold 51,848 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was 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 of the company's stock, valued at approximately $13,157,209.52. The trade was a 5.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 237,538 shares of company stock valued at $20,748,219 in the last ninety days. Insiders own 3.54% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ANET. Evercore ISI decreased their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Rosenblatt Securities raised their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Citigroup raised their target price on shares of Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Redburn Atlantic started coverage on shares of Arista Networks in a report on Wednesday. They set a "buy" rating and a $112.00 price objective for the company. Finally, UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $107.47.

Arista Networks Price Performance

ANET traded down $6.43 on Thursday, hitting $86.36. The company had a trading volume of 17,896,001 shares, compared to its average volume of 9,009,369. The company's fifty day moving average price is $81.92 and its 200 day moving average price is $96.78. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The stock has a market cap of $108.46 billion, a price-to-earnings ratio of 38.90, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings results 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 company 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 29.91% and a net margin of 40.72%. The company's revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 EPS. On average, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has initiated a share buyback plan 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 shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

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.