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Montag A & Associates Inc. Has $556,000 Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Arista Networks logo with Computer and Technology background

Montag A & Associates Inc. raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 117.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,173 shares of the technology company's stock after acquiring an additional 3,872 shares during the period. Montag A & Associates Inc.'s holdings in Arista Networks were worth $556,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in ANET. DSG Capital Advisors LLC acquired a new stake in Arista Networks during the fourth quarter valued at $5,984,000. Ibex Wealth Advisors raised its stake in Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock worth $4,501,000 after purchasing an additional 7,329 shares during the period. Sowell Financial Services LLC purchased a new stake in shares of Arista Networks in the 1st quarter valued at approximately $629,000. Legal & General Group Plc increased its stake in Arista Networks by 227.7% during the 4th quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company's stock worth $863,749,000 after buying an additional 5,429,857 shares during the period. Finally, Motley Fool Asset Management LLC increased its stake in Arista Networks by 357.3% during the 4th quarter. Motley Fool Asset Management LLC now owns 65,087 shares of the technology company's stock worth $7,194,000 after buying an additional 50,855 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Stock Performance

NYSE ANET traded up $3.05 on Wednesday, reaching $112.83. The company's stock had a trading volume of 5,075,667 shares, compared to its average volume of 9,142,493. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock has a market cap of $141.70 billion, a PE ratio of 47.73, a PEG ratio of 3.25 and a beta of 1.40. The firm's 50 day moving average is $97.19 and its two-hundred day moving average is $94.78.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results 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. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the firm earned $0.50 earnings per share. The firm's revenue was up 27.6% compared to the same quarter last year. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has authorized a share repurchase 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 shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on ANET shares. Wedbush started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating for the company. BNP Paribas downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Wolfe Research initiated coverage on shares of Arista Networks in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. Morgan Stanley increased their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, Erste Group Bank raised shares of Arista Networks from a "hold" rating to a "buy" rating in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $111.40.

View Our Latest Report on Arista Networks

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction 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. This trade represents a 96.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the transaction, the director directly owned 65,784 shares of the company's stock, valued at $6,536,298.24. This represents a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,177,878 shares of company stock valued at $119,281,861 over the last ninety days. 3.54% of the stock is owned by company insiders.

About Arista Networks

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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