Arista Networks, Inc. (NYSE:ANET) Stock Position Increased by Perpetual Ltd

Perpetual Ltd boosted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 367.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 34,225 shares of the technology company's stock after purchasing an additional 26,909 shares during the quarter. Perpetual Ltd's holdings in Arista Networks were worth $2,652,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ANET. Brighton Jones LLC lifted its position in Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after purchasing an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Arista Networks in the 4th quarter valued at about $202,000. Bank Pictet & Cie Europe AG raised its position in shares of Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after buying an additional 8,822 shares in the last quarter. IFP Advisors Inc raised its position in shares of Arista Networks by 319.7% during the 4th quarter. IFP Advisors Inc now owns 6,069 shares of the technology company's stock worth $671,000 after buying an additional 4,623 shares in the last quarter. Finally, NewEdge Wealth LLC raised its position in shares of Arista Networks by 310.9% during the 4th quarter. NewEdge Wealth LLC now owns 46,302 shares of the technology company's stock worth $5,118,000 after buying an additional 35,033 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

ANET stock opened at $99.37 on Friday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The company's 50 day simple moving average is $89.99 and its 200-day simple moving average is $95.66. The firm has a market capitalization of $124.81 billion, a P/E ratio of 42.06, a P/E/G ratio of 2.98 and a beta of 1.37.

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

Arista Networks announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in 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 usually a sign that the company's management believes its shares are undervalued.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock worth $14,525,085 over the last 90 days. 3.39% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on ANET shares. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. KeyCorp started coverage on shares of Arista Networks in a research report on Thursday. They set an "overweight" rating and a $115.00 price target on the stock. Needham & Company LLC started coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating on the stock. JPMorgan Chase & Co. dropped their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $109.33.

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.

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