Congress Asset Management Co. Has $141.66 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Congress Asset Management Co. decreased its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,828,295 shares of the technology company's stock after selling 10,696 shares during the period. Arista Networks makes up 1.1% of Congress Asset Management Co.'s portfolio, making the stock its 23rd largest holding. Congress Asset Management Co. owned approximately 0.14% of Arista Networks worth $141,656,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ANET. Caitlin John LLC grew its stake in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after acquiring an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC grew its stake in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after acquiring an additional 191 shares during the last quarter. Quarry LP grew its stake in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the last quarter. Dunhill Financial LLC grew its stake in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares during the last quarter. Finally, Hemington Wealth Management grew its stake in shares of Arista Networks by 409.7% in the fourth quarter. Hemington Wealth Management now owns 316 shares of the technology company's stock worth $34,000 after acquiring an additional 254 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Analyst Ratings Changes

ANET has been the topic of several research analyst reports. Barclays lowered their price objective 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. Needham & Company LLC assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating on the stock. UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Citigroup lifted their price target on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Finally, KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $107.47.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the sale, the director now directly owns 123,784 shares of the company's stock, valued at approximately $10,915,273.12. The trade was a 6.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,690 shares of company stock valued at $9,360,205 over the last ninety days. 3.39% of the stock is owned by insiders.

Arista Networks Stock Up 2.2%

Arista Networks stock opened at $97.29 on Friday. The stock has a 50-day simple moving average of $83.43 and a 200 day simple moving average of $96.57. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The stock has a market capitalization of $122.19 billion, a price-to-earnings ratio of 43.82, a P/E/G ratio of 3.10 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 return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the previous year, the business posted $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has initiated a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

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.

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