Probity Advisors Inc. Raises Position in Arista Networks, Inc. (NYSE:ANET)

Probity Advisors Inc. raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 249.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,324 shares of the technology company's stock after buying an additional 17,367 shares during the period. Probity Advisors Inc.'s holdings in Arista Networks were worth $2,689,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Caitlin John LLC increased its stake in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after purchasing an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC increased its stake in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after purchasing an additional 191 shares during the last quarter. New Millennium Group LLC increased its stake in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 195 shares during the last quarter. Quarry LP increased its stake in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the last quarter. Finally, Dunhill Financial LLC increased its stake in shares of Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total transaction of $712,240.00. Following the completion of the sale, the director now directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the sale, the director now directly owns 7,480 shares of the company's stock, valued at $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 237,538 shares of company stock valued at $20,748,219 in the last three months. Company insiders own 3.54% of the company's stock.

Arista Networks Price Performance

NYSE:ANET traded up $0.12 during trading hours on Friday, hitting $86.49. The stock had a trading volume of 16,490,789 shares, compared to its average volume of 9,049,411. The company has a 50 day simple moving average of $81.89 and a two-hundred day simple moving average of $96.60. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The firm has a market capitalization of $108.62 billion, a price-to-earnings ratio of 38.96, a P/E/G ratio of 3.10 and a beta of 1.38.

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

Arista Networks announced that its board has initiated a share repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ANET shares. Wedbush started coverage on shares of Arista Networks in a research note on Wednesday. They set an "outperform" rating for the company. Rosenblatt Securities raised their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Redburn Atlantic began coverage on shares of Arista Networks in a report on Wednesday. They issued a "buy" rating and a $112.00 price objective for the company. Finally, Morgan Stanley raised their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $107.47.

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.