Crossmark Global Holdings Inc. Acquires 37,877 Shares of Arista Networks, Inc. (NYSE:ANET)

Crossmark Global Holdings Inc. raised its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 12.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 330,552 shares of the technology company's stock after purchasing an additional 37,877 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Arista Networks were worth $25,611,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC raised its stake in shares of Arista Networks by 45.8% in the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock valued at $35,000 after acquiring an additional 143 shares during the last quarter. Weaver Capital Management LLC raised its stake in shares of Arista Networks by 0.8% in the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock valued at $1,662,000 after acquiring an additional 162 shares during the last quarter. First American Bank raised its stake in shares of Arista Networks by 1.1% in the first quarter. First American Bank now owns 14,478 shares of the technology company's stock valued at $1,122,000 after acquiring an additional 164 shares during the last quarter. ORG Partners LLC raised its stake in shares of Arista Networks by 43.8% in the first quarter. ORG Partners LLC now owns 575 shares of the technology company's stock valued at $45,000 after acquiring an additional 175 shares during the last quarter. Finally, RMR Wealth Builders raised its stake in shares of Arista Networks by 0.6% in the first quarter. RMR Wealth Builders now owns 30,642 shares of the technology company's stock valued at $2,374,000 after acquiring an additional 180 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Up 2.8%

NYSE:ANET traded up $2.88 during trading hours on Wednesday, reaching $106.27. The company had a trading volume of 14,501,483 shares, compared to its average volume of 9,139,060. The firm has a market cap of $133.47 billion, a price-to-earnings ratio of 44.98, a P/E/G ratio of 3.01 and a beta of 1.40. The business's 50-day simple moving average is $94.33 and its two-hundred day simple moving average is $95.20. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business's quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the company posted $0.50 earnings per share. As a group, equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has authorized a share buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wolfe Research assumed coverage on shares of Arista Networks in a research report on Tuesday. They issued an "outperform" rating for the company. BNP Paribas cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. JPMorgan Chase & Co. dropped their price objective on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Morgan Stanley boosted their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Finally, Wedbush assumed coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued an "outperform" rating for the company. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $109.33.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the transaction, the chief executive officer directly owned 30,000 shares in the company, valued at approximately $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the transaction, the director owned 123,784 shares in the company, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,123,370 shares of company stock worth $113,157,408. 3.39% of the stock is owned by insiders.

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.