149,932 Shares in Arista Networks, Inc. (NYSE:ANET) Bought by Generate Investment Management Ltd

Generate Investment Management Ltd bought a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 149,932 shares of the technology company's stock, valued at approximately $11,617,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. DSG Capital Advisors LLC bought a new stake in Arista Networks in the fourth quarter valued at approximately $5,984,000. Ibex Wealth Advisors boosted its stake in shares of Arista Networks by 14.4% in the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after purchasing an additional 7,329 shares during the last quarter. Unified Investment Management acquired a new stake in shares of Arista Networks during the fourth quarter worth $630,000. Berkshire Capital Holdings Inc. raised its stake in Arista Networks by 257.6% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after buying an additional 55,430 shares during the last quarter. Finally, Bradyco Inc. acquired a new position in Arista Networks in the fourth quarter valued at $836,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Up 5.6%

ANET stock traded up $5.40 during mid-day trading on Thursday, reaching $101.71. 15,250,168 shares of the company traded hands, compared to its average volume of 9,081,478. The firm's 50 day moving average price is $88.81 and its 200 day moving average price is $95.73. The stock has a market cap of $127.74 billion, a price-to-earnings ratio of 42.66, a P/E/G ratio of 2.82 and a beta of 1.37. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the business posted $0.50 EPS. The business's revenue was up 27.6% compared to the same quarter last year. On average, analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks 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 owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,766,900.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,196,776.48. This represents a 69.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 161,690 shares of company stock valued at $14,525,085 in the last 90 days. 3.39% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ANET shares. Needham & Company LLC assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating on the stock. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and increased their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. JPMorgan Chase & Co. dropped their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Redburn Atlantic assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $109.33.

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.