QRG Capital Management Inc. Boosts Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

QRG Capital Management Inc. boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 158.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 290,691 shares of the technology company's stock after purchasing an additional 178,376 shares during the period. QRG Capital Management Inc.'s holdings in Arista Networks were worth $22,523,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Capital Advisors Ltd. LLC boosted its holdings in Arista Networks by 335.1% in the fourth 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. Quarry LP grew its holdings in 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 acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC grew its holdings in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares in the last quarter. Tradewinds Capital Management LLC grew its holdings in Arista Networks by 300.0% during the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock worth $34,000 after acquiring an additional 234 shares in the last quarter. Finally, McIlrath & Eck LLC acquired a new position in Arista Networks during the 4th quarter worth $35,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Price Performance

ANET stock opened at $92.28 on Monday. The company has a fifty day moving average price of $85.82 and a two-hundred day moving average price of $96.33. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a market cap of $115.89 billion, a price-to-earnings ratio of 41.57, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. 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 firm earned $0.50 earnings per share. The company's revenue was up 27.6% on a year-over-year basis. Research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

ANET has been the subject of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Finally, Redburn Atlantic assumed coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average price target of $107.38.

Insider Transactions at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director now directly owns 123,784 shares of the company's stock, valued at approximately $10,915,273.12. The trade was a 6.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 105,690 shares of company stock valued at $9,360,205. 3.39% of the stock is currently owned by corporate 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.

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