Cambridge Investment Research Advisors Inc. Acquires 28,512 Shares of Arista Networks, Inc. (NYSE:ANET)

Cambridge Investment Research Advisors Inc. boosted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 10.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 292,884 shares of the technology company's stock after purchasing an additional 28,512 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Arista Networks were worth $22,693,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC grew its stake in Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after buying an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Arista Networks during the fourth quarter worth about $202,000. Bank Pictet & Cie Europe AG increased its holdings in shares of Arista Networks by 433.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after acquiring an additional 8,822 shares during the period. First Horizon Advisors Inc. lifted its position in Arista Networks by 300.2% in the 4th quarter. First Horizon Advisors Inc. now owns 3,854 shares of the technology company's stock valued at $426,000 after purchasing an additional 2,891 shares during the last quarter. Finally, Wealthspire Advisors LLC boosted its stake in Arista Networks by 183.5% during the 4th quarter. Wealthspire Advisors LLC now owns 13,224 shares of the technology company's stock valued at $1,462,000 after purchasing an additional 8,560 shares during the period. Institutional investors own 82.47% of the company's stock.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 30,000 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,766,900.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,196,776.48. This trade represents a 69.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the transaction, the director now owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock valued at $14,525,085 over the last quarter. Corporate insiders own 3.54% of the company's stock.

Arista Networks Price Performance

Shares of ANET stock traded up $1.32 on Wednesday, hitting $96.29. The company's stock had a trading volume of 5,720,618 shares, compared to its average volume of 9,037,527. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm's fifty day moving average price is $88.32 and its 200-day moving average price is $95.73. The stock has a market capitalization of $120.93 billion, a price-to-earnings ratio of 40.80, a P/E/G ratio of 2.70 and a beta of 1.37.

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

Arista Networks announced that its board has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Redburn Atlantic started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target on the stock. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. KGI Securities downgraded Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $108.87.

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.