Yarbrough Capital LLC Grows Position in Arista Networks, Inc. (NYSE:ANET)

Yarbrough Capital LLC grew its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 183.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,380 shares of the technology company's stock after purchasing an additional 19,008 shares during the period. Yarbrough Capital LLC's holdings in Arista Networks were worth $2,276,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. DSG Capital Advisors LLC purchased a new position in Arista Networks in the fourth quarter worth $5,984,000. GHE LLC boosted its position in Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company's stock worth $3,136,000 after purchasing an additional 21,597 shares in the last quarter. Colonial River Investments LLC boosted its position in Arista Networks by 327.6% during the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock worth $1,077,000 after purchasing an additional 7,466 shares in the last quarter. Unified Investment Management purchased a new stake in Arista Networks during the fourth quarter worth $630,000. Finally, Berkshire Capital Holdings Inc. boosted its position in Arista Networks by 257.6% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after purchasing an additional 55,430 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Analyst Ratings Changes

ANET has been the topic of a number of research analyst reports. Needham & Company LLC initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating on the stock. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. JPMorgan Chase & Co. decreased their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Rosenblatt Securities boosted their target price on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research 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 research report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Arista Networks currently has a consensus rating of "Moderate Buy" and a consensus price target of $107.47.

Arista Networks Stock Performance

NYSE ANET traded up $2.11 during trading hours on Friday, hitting $97.29. 6,620,137 shares of the company's stock were exchanged, compared to its average volume of 9,072,657. The business's 50 day moving average is $83.43 and its 200-day moving average is $96.58. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The firm has a market capitalization of $122.19 billion, a P/E ratio of 43.82, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the business posted $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has approved a share repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction dated 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 directly owns 7,480 shares in the company, valued at $512,305.20. This trade represents a 16.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is owned by company insiders.

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.