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

Linden Thomas Advisory Services LLC raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 7.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 67,192 shares of the technology company's stock after acquiring an additional 4,681 shares during the period. Arista Networks makes up 0.7% of Linden Thomas Advisory Services LLC's holdings, making the stock its 17th largest position. Linden Thomas Advisory Services LLC's holdings in Arista Networks were worth $5,206,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. HighMark Wealth Management LLC lifted its holdings in shares of Arista Networks by 179.7% during the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after purchasing an additional 230 shares in the last quarter. Quarry LP lifted its stake in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares in the last quarter. Dunhill Financial LLC increased its position in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares in the last quarter. Cloud Capital Management LLC bought a new stake in shares of Arista Networks during the first quarter worth $30,000. Finally, McIlrath & Eck LLC bought a new stake in Arista Networks in the 4th quarter valued at $35,000. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wolfe Research initiated coverage on Arista Networks in a research note on Tuesday. They issued an "outperform" rating on the stock. Needham & Company LLC initiated coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating on the stock. Morgan Stanley boosted their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Redburn Atlantic started coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. Finally, Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $110.07.

Arista Networks Price Performance

ANET stock traded up $2.42 during mid-day trading on Friday, reaching $108.71. 12,952,328 shares of the company traded hands, compared to its average volume of 9,177,053. The company has a fifty day moving average price of $95.05 and a 200-day moving average price of $94.98. The company has a market capitalization of $136.53 billion, a P/E ratio of 46.02, a P/E/G ratio of 3.16 and a beta of 1.40. 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 released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The business's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president directly owned 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the transaction, the chief executive officer owned 30,000 shares of the company's stock, valued at approximately $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock worth $113,157,408 over the last three months. 3.39% of the stock is currently owned by corporate insiders.

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.