Azzad Asset Management Inc. ADV Boosts Holdings in Arista Networks, Inc. (NYSE:ANET)

Azzad Asset Management Inc. ADV lifted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 305.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 26,087 shares of the technology company's stock after acquiring an additional 19,652 shares during the quarter. Azzad Asset Management Inc. ADV's holdings in Arista Networks were worth $2,883,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Caitlin John LLC boosted its position in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its stake in 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 acquiring an additional 191 shares in the last quarter. New Millennium Group LLC boosted its holdings in Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 195 shares during the period. Quarry LP boosted its holdings in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares during the period. Finally, Dunhill Financial LLC grew its position in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after acquiring an additional 212 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Trading Down 6.9%

Shares of NYSE ANET traded down $6.43 during mid-day trading on Thursday, reaching $86.36. The company had a trading volume of 17,896,001 shares, compared to its average volume of 9,009,369. The firm has a 50 day simple moving average of $81.92 and a two-hundred day simple moving average of $96.78. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The stock has a market cap of $108.46 billion, a P/E ratio of 38.90, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last posted its 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 for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business's revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.50 earnings per share. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has authorized a share repurchase plan 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 plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

ANET has been the subject of several recent research reports. 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 note on Wednesday, May 7th. Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday. They issued a "buy" rating and a $112.00 price target for the company. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Morgan Stanley lifted their target price on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, KGI Securities downgraded Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and a consensus price target of $107.47.

Insider Transactions at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the sale, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marc Taxay sold 51,848 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 237,538 shares of company stock worth $20,748,219. Insiders own 3.54% of the company's stock.

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.