NorthCrest Asset Manangement LLC Increases Stake in Arista Networks, Inc. (NYSE:ANET)

NorthCrest Asset Manangement LLC grew its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 67.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,987 shares of the technology company's stock after purchasing an additional 6,449 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Arista Networks were worth $1,239,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares during the period. FMR LLC grew its position in Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after acquiring an additional 44,269,572 shares during the period. Cresset Asset Management LLC lifted its holdings in shares of Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after acquiring an additional 20,059,303 shares during the period. Geode Capital Management LLC boosted its stake in shares of Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after purchasing an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

NYSE:ANET traded up $1.03 during trading hours on Wednesday, reaching $90.71. 6,251,140 shares of the company were exchanged, compared to its average volume of 10,774,050. The business has a 50 day moving average of $86.61 and a 200 day moving average of $96.24. The company has a market capitalization of $113.92 billion, a P/E ratio of 38.39, a P/E/G ratio of 2.79 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.57.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of research analyst reports. Barclays dropped their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Evercore ISI lowered their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Redburn Atlantic started coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price for the company. Wedbush began coverage on Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating on the stock. Finally, Citigroup lifted their price target on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $107.38.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,690 shares of company stock worth $9,360,205. 3.54% of the stock is currently owned by company insiders.

Arista Networks Company 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.