Jag Capital Management LLC Takes Position in Arista Networks, Inc. (NYSE:ANET)

Jag Capital Management LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 79,511 shares of the technology company's stock, valued at approximately $6,161,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the last quarter. FMR LLC lifted its stake in shares of Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after buying an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC lifted its stake in shares of Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after buying an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after buying an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after buying an additional 14,454,822 shares during the last quarter. Institutional investors own 82.47% of the company's stock.

Arista Networks Trading Down 2.2%

Shares of Arista Networks stock opened at $99.37 on Friday. The company has a 50 day moving average of $89.99 and a 200-day moving average of $95.66. 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 $124.81 billion, a PE ratio of 42.06, a price-to-earnings-growth ratio of 2.98 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during 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 30.48%. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.50 EPS. Research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the transaction, the director now owns 123,784 shares of the company's stock, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 161,690 shares of company stock worth $14,525,085 in the last three months. 3.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ANET has been the subject of several analyst reports. KeyCorp started coverage on shares of Arista Networks in a report on Thursday. They issued an "overweight" rating and a $115.00 price objective for the company. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Wedbush started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating for the company. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus 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.

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