Oak Ridge Investments LLC Has $10.98 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Key Points

• Oak Ridge Investments LLC increased its position in Arista Networks, owning 141,758 shares valued at approximately $10.98 million, making it the 23rd largest holding in their portfolio.
• Analysts have raised price targets for Arista Networks, with Goldman Sachs setting a new target of $155.00 and overall consensus rating as a Moderate Buy.
• Arista Networks reported earnings of $0.73 EPS, exceeding estimates and representing a 30.4% increase in revenue year-over-year.

Oak Ridge Investments LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 2.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 141,758 shares of the technology company's stock after purchasing an additional 3,998 shares during the quarter. Arista Networks accounts for about 0.9% of Oak Ridge Investments LLC's portfolio, making the stock its 23rd largest holding. Oak Ridge Investments LLC's holdings in Arista Networks were worth $10,983,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ANET. Cresset Asset Management LLC raised its position in shares of Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after buying an additional 20,059,303 shares in the last quarter. Nuveen LLC acquired a new position in shares of Arista Networks in the 1st quarter valued at approximately $933,626,000. Nuveen Asset Management LLC grew its holdings in shares of Arista Networks by 330.8% during the 4th quarter. Nuveen Asset Management LLC now owns 11,292,585 shares of the technology company's stock valued at $1,248,169,000 after purchasing an additional 8,671,235 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Arista Networks by 354.3% during the 4th quarter. Northern Trust Corp now owns 9,942,816 shares of the technology company's stock valued at $1,098,979,000 after purchasing an additional 7,753,991 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Arista Networks by 278.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,641,326 shares of the technology company's stock valued at $955,126,000 after purchasing an additional 6,357,753 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of NYSE:ANET traded up $0.75 during trading on Friday, reaching $137.23. The stock had a trading volume of 6,054,998 shares, compared to its average volume of 9,893,038. The firm's fifty day moving average is $109.18 and its 200 day moving average is $95.98. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $141.99. The stock has a market cap of $172.48 billion, a price-to-earnings ratio of 53.97, a P/E/G ratio of 3.21 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.08. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period in the prior year, the firm posted $0.53 EPS. The company's quarterly revenue was up 30.4% on a year-over-year basis. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its board has initiated a share 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 buy up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 864 shares of the company's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $114.68, for a total value of $99,083.52. Following the sale, the director directly owned 7,460 shares of the company's stock, valued at approximately $855,512.80. This represents a 10.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $117.01, for a total transaction of $936,080.00. Following the completion of the sale, the director directly owned 57,784 shares in the company, valued at approximately $6,761,305.84. This represents a 12.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,767,742 shares of company stock valued at $714,048,068. 3.39% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ANET shares. Evercore ISI set a $150.00 price target on shares of Arista Networks and gave the company an "outperform" rating in a report on Wednesday, August 6th. Barclays reaffirmed an "overweight" rating and set a $151.00 price target (up from $119.00) on shares of Arista Networks in a report on Thursday, August 7th. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Redburn Atlantic started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target on the stock. Finally, Rosenblatt Securities lifted their price target on shares of Arista Networks from $106.00 to $125.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $138.07.

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.