Exchange Traded Concepts LLC Grows Stake in Arista Networks, Inc. (NYSE:ANET)

Exchange Traded Concepts LLC increased its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 14.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,162 shares of the technology company's stock after purchasing an additional 9,165 shares during the period. Exchange Traded Concepts LLC's holdings in Arista Networks were worth $5,514,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted 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 during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Arista Networks in the 4th quarter worth $202,000. Bogart Wealth LLC lifted its stake in Arista Networks by 300.0% in the 4th quarter. Bogart Wealth LLC now owns 328 shares of the technology company's stock worth $36,000 after purchasing an additional 246 shares in the last quarter. Banque Pictet & Cie SA lifted its stake in Arista Networks by 405.9% in the 4th quarter. Banque Pictet & Cie SA now owns 4,300 shares of the technology company's stock worth $475,000 after purchasing an additional 3,450 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Arista Networks by 13.3% during the 4th quarter. Blue Trust Inc. now owns 2,990 shares of the technology company's stock valued at $330,000 after purchasing an additional 352 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Down 3.6%

Shares of Arista Networks stock opened at $92.28 on Monday. The stock's fifty day moving average is $85.82 and its two-hundred day moving average is $96.33. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The company has a market capitalization of $115.89 billion, a PE ratio of 41.57, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business's revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.50 earnings per share. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has authorized a stock repurchase plan 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 plans are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wedbush initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They issued an "outperform" rating on the stock. Barclays decreased their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. BNP Paribas downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Finally, BNP Paribas Exane cut shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a research note on Wednesday, June 11th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Arista Networks has an average rating of "Moderate Buy" and a consensus price target of $107.38.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the sale, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 over the last quarter. 3.39% of the stock is owned by corporate insiders.

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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