Wealthfront Advisers LLC Purchases 7,874 Shares of Arista Networks, Inc. (NYSE:ANET)

Wealthfront Advisers LLC grew its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 5.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 141,392 shares of the technology company's stock after acquiring an additional 7,874 shares during the quarter. Wealthfront Advisers LLC's holdings in Arista Networks were worth $10,955,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ANET. Vanguard Group Inc. increased its holdings in shares of Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after acquiring an additional 72,311,318 shares in the last quarter. FMR LLC increased its holdings in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after buying an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC increased its holdings in Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after buying an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC increased its holdings in Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after buying an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after buying an additional 14,454,822 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of ANET stock traded up $0.01 during trading hours on Friday, reaching $111.99. 2,276,825 shares of the company traded hands, compared to its average volume of 9,143,260. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The company has a market cap of $140.65 billion, a P/E ratio of 47.31, a P/E/G ratio of 3.16 and a beta of 1.40. The firm has a 50-day moving average price of $96.68 and a 200 day moving average price of $94.99.

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

Arista Networks declared that its board has approved a share buyback 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director directly owned 123,784 shares of the company's stock, valued at approximately $10,915,273.12. The trade was a 6.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on 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 directly owned 12,976 shares in the company, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. Corporate insiders own 3.39% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Citigroup lifted their price objective on Arista Networks from $112.00 to $123.00 and gave the stock a "buy" rating in a report on Friday, July 11th. KGI Securities downgraded Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a report on Wednesday, June 11th. The Goldman Sachs Group reduced their price objective on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lifted their price objective on Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $111.40.

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.