Azzad Asset Management Inc. ADV Purchases 9,457 Shares of Arista Networks, Inc. (NYSE:ANET)

Azzad Asset Management Inc. ADV grew its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 36.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,544 shares of the technology company's stock after purchasing an additional 9,457 shares during the period. Azzad Asset Management Inc. ADV's holdings in Arista Networks were worth $2,754,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. DSG Capital Advisors LLC acquired a new position in shares of Arista Networks during the 4th quarter valued at about $5,984,000. Ibex Wealth Advisors increased its holdings in shares of Arista Networks by 14.4% during the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after acquiring an additional 7,329 shares during the last quarter. GHE LLC increased its holdings in shares of Arista Networks by 319.0% during the 4th quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after acquiring an additional 21,597 shares during the last quarter. Colonial River Investments LLC increased its holdings in shares of Arista Networks by 327.6% during the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after acquiring an additional 7,466 shares during the last quarter. Finally, Unified Investment Management acquired a new position in shares of Arista Networks during the 4th quarter valued at about $630,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of ANET traded down $3.49 on Friday, reaching $92.28. 6,205,708 shares of the stock traded hands, compared to its average volume of 9,043,529. The firm has a market cap of $115.89 billion, a price-to-earnings ratio of 41.57, a P/E/G ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The stock's 50-day moving average price is $85.82 and its 200-day moving average price is $96.36.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data 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. 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%. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 earnings per share. As a group, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, 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 value of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks 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 completion of the transaction, the director now owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 in the last 90 days. 3.39% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of analyst reports. Citigroup increased their price objective on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Redburn Atlantic initiated coverage on Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Finally, Barclays lowered their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Seven research analysts have rated the stock with a hold rating and fourteen 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 price target of $107.38.

Arista Networks 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.