Segall Bryant & Hamill LLC Invests $7.19 Million in Arista Networks, Inc. (NYSE:ANET)

Segall Bryant & Hamill LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 92,799 shares of the technology company's stock, valued at approximately $7,190,000.

Several other institutional investors and hedge funds have also modified their holdings of ANET. Vanguard Group Inc. raised its position in shares of Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after acquiring an additional 72,311,318 shares in the last quarter. FMR LLC boosted its holdings in Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC lifted its stake 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 valued at $3,016,207,000 after buying an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC increased 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 valued at $2,665,829,000 after purchasing an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. raised 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 acquiring an additional 14,454,822 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Up 3.5%

ANET opened at $112.11 on Friday. The stock has a fifty day moving average price of $96.68 and a 200 day moving average price of $94.99. The stock has a market cap of $140.80 billion, a price-to-earnings ratio of 47.45, a PEG ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business's revenue for the quarter was up 27.6% on a year-over-year basis. During the same period last year, the firm earned $0.50 earnings per share. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the transaction, the chief executive officer owned 30,000 shares in the company, valued at approximately $3,072,900. This represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 26,000 shares of Arista Networks stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total value of $2,397,980.00. Following the completion of the transaction, the senior vice president directly owned 592,400 shares in the company, valued at $54,637,052. This represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,123,370 shares of company stock valued at $113,157,408 over the last 90 days. 3.39% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ANET shares. 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 note on Thursday, May 1st. Rosenblatt Securities upped their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Barclays reduced their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. KGI Securities lowered Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Finally, Needham & Company LLC initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating on the stock. Seven 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $111.40.

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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