Linden Thomas Advisory Services LLC Acquires 4,681 Shares of Arista Networks, Inc. (NYSE:ANET)

Linden Thomas Advisory Services LLC boosted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 7.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 67,192 shares of the technology company's stock after purchasing an additional 4,681 shares during the period. Arista Networks makes up about 0.7% of Linden Thomas Advisory Services LLC's portfolio, making the stock its 17th largest holding. Linden Thomas Advisory Services LLC's holdings in Arista Networks were worth $5,206,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Greenleaf Trust grew its holdings in shares of Arista Networks by 2.3% in the 1st quarter. Greenleaf Trust now owns 62,618 shares of the technology company's stock worth $4,852,000 after acquiring an additional 1,418 shares during the last quarter. Optimum Investment Advisors lifted its stake in 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 in the last quarter. OMNI 360 Wealth Inc. purchased a new stake in Arista Networks in the 1st quarter worth about $217,000. Personal CFO Solutions LLC lifted its stake in Arista Networks by 28.2% in the 1st quarter. Personal CFO Solutions LLC now owns 5,778 shares of the technology company's stock worth $448,000 after acquiring an additional 1,272 shares in the last quarter. Finally, Valeo Financial Advisors LLC lifted its stake in Arista Networks by 39.3% in the 1st quarter. Valeo Financial Advisors LLC now owns 11,352 shares of the technology company's stock worth $880,000 after acquiring an additional 3,202 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ANET has been the subject of several research analyst reports. BNP Paribas downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Citigroup increased their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. JPMorgan Chase & Co. reduced their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Piper Sandler reissued a "neutral" rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Finally, Evercore ISI boosted their target price on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $109.33.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was 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 directly owned 12,976 shares of the company's stock, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 30,000 shares of the company's stock, valued at approximately $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,123,370 shares of company stock valued at $113,157,408. Insiders own 3.39% of the company's stock.

Arista Networks Stock Performance

Shares of ANET traded up $2.88 during trading hours on Wednesday, hitting $106.27. 14,501,483 shares of the company were exchanged, compared to its average volume of 9,134,524. The company has a market cap of $133.47 billion, a PE ratio of 44.98, a PEG ratio of 2.96 and a beta of 1.40. The firm's 50 day moving average is $93.85 and its 200-day moving average is $95.12. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping 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 business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the firm earned $0.50 EPS. The firm's revenue was up 27.6% compared to the same quarter last year. As a group, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has approved a share buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

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.