Snowden Capital Advisors LLC Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

Snowden Capital Advisors LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 284.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,824 shares of the technology company's stock after purchasing an additional 11,712 shares during the period. Snowden Capital Advisors LLC's holdings in Arista Networks were worth $1,749,000 at the end of the most recent quarter.

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

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 138,351 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the transaction, the chief executive officer now owns 92,641 shares of the company's stock, valued at $8,697,137.08. The trade was a 59.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 ninety days, insiders sold 410,755 shares of company stock valued at $37,045,233. 3.39% of the stock is owned by corporate insiders.

Arista Networks Price Performance

Arista Networks stock traded down $3.15 during mid-day trading on Wednesday, reaching $92.52. 8,333,537 shares of the stock traded hands, compared to its average volume of 9,065,725. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The stock has a market capitalization of $116.20 billion, a PE ratio of 41.68, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The business's 50-day moving average is $80.93 and its 200-day moving average is $97.18.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the business earned $0.50 earnings per share. The business's revenue was up 27.6% on a year-over-year basis. Equities 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 authorized a share buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Rosenblatt Securities boosted their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. KGI Securities lowered Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $130.00 price objective on shares of Arista Networks in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and a consensus target price of $107.14.

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.