Parallel Advisors LLC Increases Position in Arista Networks, Inc. (NYSE:ANET)

Parallel Advisors LLC boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 33.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 56,057 shares of the technology company's stock after purchasing an additional 14,041 shares during the period. Parallel Advisors LLC's holdings in Arista Networks were worth $4,343,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ANET. Caitlin John LLC boosted its position in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after acquiring an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC boosted its holdings in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares during the last quarter. New Millennium Group LLC grew its position in shares of Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares in the last quarter. Quarry LP increased its holdings in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the last quarter. Finally, Dunhill Financial LLC lifted its position in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research analyst reports. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Needham & Company LLC initiated coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" 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 report on Thursday, May 1st. Wedbush initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating on the stock. Finally, Evercore ISI decreased their target price on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $107.47.

Arista Networks Trading Up 0.9%

Shares of ANET traded up $0.89 during midday trading on Wednesday, reaching $95.39. 4,099,806 shares of the stock were exchanged, compared to its average volume of 9,025,972. The company's 50 day moving average is $82.36 and its two-hundred day moving average is $96.55. The company has a market capitalization of $119.80 billion, a P/E ratio of 42.97, a PEG ratio of 3.10 and a beta of 1.38. 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 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. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the business posted $0.50 EPS. The company's quarterly revenue was up 27.6% compared to the same quarter last year. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 80,000 shares of the firm'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 sale, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the transaction, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 177,690 shares of company stock worth $15,442,765 over the last 90 days. Company insiders own 3.39% of the company's stock.

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.