Shell Asset Management Co. Purchases 10,552 Shares of Arista Networks, Inc. (NYSE:ANET)

Shell Asset Management Co. grew its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 312.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,924 shares of the technology company's stock after purchasing an additional 10,552 shares during the period. Shell Asset Management Co.'s holdings in Arista Networks were worth $1,539,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Caitlin John LLC raised 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 worth $26,000 after purchasing an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC grew its position in shares of Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares during the period. Cranbrook Wealth Management LLC increased its stake in shares of Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock worth $29,000 after acquiring an additional 198 shares in the last quarter. Trust Co. of Vermont lifted its position in Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after acquiring an additional 198 shares during the period. Finally, New Millennium Group LLC boosted its stake 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 acquiring an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Price Performance

Arista Networks stock traded down $1.86 during midday trading on Friday, reaching $90.70. 2,809,809 shares of the company traded hands, compared to its average volume of 10,962,123. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.57. The business has a 50 day moving average of $81.26 and a two-hundred day moving average of $97.10. The firm has a market capitalization of $113.91 billion, a price-to-earnings ratio of 40.89, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during 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 29.91%. The company's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 EPS. As a group, equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has initiated a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Citigroup lifted their price target on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and increased their price objective for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Evercore ISI reduced their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and a consensus target price of $107.14.

Insider Buying and Selling at Arista Networks

In other news, SVP Marc Taxay sold 51,848 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John F. Mccool sold 17,433 shares of the company's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $96.57, for a total value of $1,683,504.81. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 410,587 shares of company stock valued at $37,028,000. 3.39% of the stock is owned by company 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.