Polar Asset Management Partners Inc. Acquires New Holdings in Arista Networks, Inc. (NYSE:ANET)

Polar Asset Management Partners Inc. bought a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 150,000 shares of the technology company's stock, valued at approximately $16,580,000.

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

Analyst Ratings Changes

ANET has been the subject of a number of recent research reports. KGI Securities cut Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Citigroup upped their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Redburn Atlantic assumed coverage on shares of Arista Networks in a research note on Wednesday. They issued a "buy" rating and a $112.00 target price for the company. The Goldman Sachs Group cut their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $107.47.

Arista Networks Stock Performance

Shares of ANET stock traded up $0.30 during trading hours on Wednesday, reaching $92.79. The company had a trading volume of 5,485,567 shares, compared to its average volume of 8,975,498. The company has a market capitalization of $116.54 billion, a P/E ratio of 41.80, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock's fifty day simple moving average is $81.73 and its 200 day simple moving average is $96.81.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (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 company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the company earned $0.50 earnings per share. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Insider Activity

In other Arista Networks news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 237,538 shares of company stock worth $20,748,219. 3.54% of the stock is currently owned by 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.