5,764 Shares in Arista Networks, Inc. (NYSE:ANET) Purchased by Ritholtz Wealth Management

Ritholtz Wealth Management purchased a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 5,764 shares of the technology company's stock, valued at approximately $447,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Arista Networks by 304.2% in 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 lifted its stake in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after buying an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in 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 worth $3,016,207,000 after buying an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC boosted its holdings in 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 worth $2,665,829,000 after buying an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after buying an additional 14,454,822 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Price Performance

Shares of ANET traded down $4.06 during mid-day trading on Friday, reaching $86.18. The stock had a trading volume of 18,543,923 shares, compared to its average volume of 9,041,442. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The firm has a market cap of $108.23 billion, a price-to-earnings ratio of 36.48, a P/E/G ratio of 2.65 and a beta of 1.37. The business's fifty day moving average is $87.52 and its 200 day moving average is $95.99.

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, beating the consensus estimate of $0.59 by $0.06. The company 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%. Arista Networks's revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 EPS. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction dated Tuesday, April 22nd. The shares were 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 of the company's stock, valued at $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $88.58, for a total transaction of $708,640.00. Following the sale, the director now owns 131,784 shares of the company's stock, valued at approximately $11,673,426.72. This represents a 5.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 161,690 shares of company stock worth $14,525,085. Company insiders own 3.39% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ANET shares. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Redburn Atlantic started coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price objective on the stock. Wedbush started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating for the company. Finally, BNP Paribas Exane cut shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price for the company. in a research report on Wednesday, June 11th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $108.20.

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.