Edgestream Partners L.P. Purchases Shares of 82,244 Arista Networks, Inc. (NYSE:ANET)

Edgestream Partners L.P. bought a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 82,244 shares of the technology company's stock, valued at approximately $6,372,000.

Several other large investors have also recently modified their holdings of the business. Optimum Investment Advisors lifted its holdings in shares of Arista Networks by 31.3% in the 1st quarter. Optimum Investment Advisors now owns 525 shares of the technology company's stock worth $41,000 after acquiring an additional 125 shares during the last quarter. Tradewinds Capital Management LLC lifted its holdings in shares of Arista Networks by 45.8% in the 1st quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after acquiring an additional 143 shares during the last quarter. Weaver Capital Management LLC lifted its holdings in shares of Arista Networks by 0.8% in the 1st quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock worth $1,662,000 after acquiring an additional 162 shares during the last quarter. First American Bank increased its stake in shares of Arista Networks by 1.1% in the first quarter. First American Bank now owns 14,478 shares of the technology company's stock worth $1,122,000 after buying an additional 164 shares during the period. Finally, ORG Partners LLC increased its stake in shares of Arista Networks by 43.8% in the first quarter. ORG Partners LLC now owns 575 shares of the technology company's stock worth $45,000 after buying an additional 175 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Stock Up 3.5%

Shares of NYSE:ANET traded up $3.81 during midday trading on Thursday, reaching $112.11. The company's stock had a trading volume of 8,581,307 shares, compared to its average volume of 9,183,504. The firm has a 50 day moving average of $96.18 and a 200-day moving average of $94.99. The firm has a market capitalization of $140.80 billion, a P/E ratio of 47.45, a PEG ratio of 3.13 and a beta of 1.40. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 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 prior year, the firm posted $0.50 EPS. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. On average, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer owned 30,000 shares of the company's stock, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the completion of the transaction, the director directly owned 65,784 shares in the company, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,123,370 shares of company stock valued at $113,157,408. Company insiders own 3.39% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. BNP Paribas Exane downgraded 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. JPMorgan Chase & Co. lifted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday. Barclays reduced 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 report on Thursday, May 8th. Wedbush initiated coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. Finally, Wolfe Research initiated coverage on shares of Arista Networks in a research report on Tuesday, July 8th. They set an "outperform" rating on the stock. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $111.40.

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.