Asset Management One Co. Ltd. Acquires 9,242 Shares of Arista Networks, Inc. (NYSE:ANET)

Asset Management One Co. Ltd. increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 1.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 493,072 shares of the technology company's stock after purchasing an additional 9,242 shares during the period. Asset Management One Co. Ltd.'s holdings in Arista Networks were worth $38,203,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. 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 in the last quarter. Quarry LP grew 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 valued at $29,000 after buying an additional 206 shares during the period. Dunhill Financial LLC grew 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 valued at $29,000 after buying an additional 212 shares during the period. McIlrath & Eck LLC purchased a new stake in shares of Arista Networks during the 4th quarter valued at $35,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Arista Networks during the 4th quarter valued at $37,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ANET has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Evercore ISI upped their target price on shares of Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday. Rosenblatt Securities upped their target price 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. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a research note on Wednesday, June 11th. Finally, Barclays cut their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $109.33.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the company's 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 completion of the transaction, the director now directly owns 7,480 shares in the company, valued at $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 161,690 shares of company stock valued at $14,525,085 in the last three months. 3.39% of the stock is currently owned by company insiders.

Arista Networks Trading Up 5.6%

NYSE:ANET traded up $5.40 during trading hours on Thursday, hitting $101.71. 15,250,168 shares of the stock traded hands, compared to its average volume of 9,073,054. The firm has a 50 day moving average price of $88.81 and a 200 day moving average price of $95.73. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm has a market cap of $127.74 billion, a price-to-earnings ratio of 43.05, a PEG ratio of 2.79 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (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 30.48%. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the business earned $0.50 EPS. The company's revenue was up 27.6% on a year-over-year basis. Research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows 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 stock is undervalued.

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.