DAVENPORT & Co LLC Increases Stake in Arista Networks, Inc. (NYSE:ANET)

DAVENPORT & Co LLC grew its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 11.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 30,196 shares of the technology company's stock after buying an additional 3,219 shares during the quarter. DAVENPORT & Co LLC's holdings in Arista Networks were worth $2,340,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. HighMark Wealth Management LLC raised its position in shares of Arista Networks by 179.7% during the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after acquiring an additional 230 shares in the last quarter. Quarry LP raised its position in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC raised its position 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 worth $29,000 after acquiring an additional 212 shares in the last quarter. McIlrath & Eck LLC acquired a new stake in shares of Arista Networks during the 4th quarter worth about $35,000. Finally, Tradewinds Capital Management LLC increased its position in Arista Networks by 45.8% during the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after buying an additional 143 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the sale, the chief executive officer directly owned 30,000 shares in the company, valued at approximately $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 26,000 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,397,980.00. Following the sale, the senior vice president owned 592,400 shares in the company, valued at approximately $54,637,052. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,123,400 shares of company stock worth $113,159,520. 3.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ANET has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Citigroup lifted their price target on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, KGI Securities downgraded Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $109.33.

Arista Networks Price Performance

Arista Networks stock opened at $102.45 on Friday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The company has a market cap of $128.66 billion, a PE ratio of 43.36, a price-to-earnings-growth ratio of 2.99 and a beta of 1.40. The stock's 50 day moving average price is $92.93 and its 200 day moving average price is $95.33.

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

Arista Networks announced that its board has approved a share buyback program on Tuesday, May 6th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are 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.

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