Envestnet Asset Management Inc. Increases Stake in Arista Networks, Inc. (NYSE:ANET)

Envestnet Asset Management Inc. lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 7.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,377,316 shares of the technology company's stock after acquiring an additional 222,338 shares during the period. Envestnet Asset Management Inc. owned approximately 0.27% of Arista Networks worth $261,674,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in ANET. Brighton Jones LLC increased its position in shares of Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after acquiring an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Arista Networks during the fourth quarter worth $202,000. Bank Pictet & Cie Europe AG increased its position in shares of Arista Networks by 433.7% during the fourth 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 in the last quarter. Proficio Capital Partners LLC increased its position in shares of Arista Networks by 634.3% during the fourth quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company's stock worth $515,000 after acquiring an additional 4,028 shares in the last quarter. Finally, Inceptionr LLC bought a new stake in shares of Arista Networks during the fourth quarter worth $232,000. Institutional investors own 82.47% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ANET. BNP Paribas cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Redburn Atlantic assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Barclays cut their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Finally, Piper Sandler reissued 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 analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $110.07.

Arista Networks Trading Up 2.3%

ANET stock traded up $2.42 during trading on Friday, hitting $108.71. The company had a trading volume of 12,952,328 shares, compared to its average volume of 9,160,374. The business has a 50-day moving average of $95.05 and a 200-day moving average of $95.11. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a market cap of $136.53 billion, a PE ratio of 46.02, a PEG ratio of 3.10 and a beta of 1.40.

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

Arista Networks declared that its Board of Directors has initiated a share repurchase 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 a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction on Monday, June 30th. The stock was 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 directly owned 30,000 shares of the company's stock, valued at approximately $3,072,900. This represents a 96.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the sale, the senior vice president directly owned 12,976 shares of the company's stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,123,370 shares of company stock valued at $113,157,408 over the last ninety days. 3.39% of the stock is owned by company insiders.

Arista Networks Company 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.