TIAA Trust National Association Raises Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

TIAA Trust National Association raised its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 71.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 288,012 shares of the technology company's stock after purchasing an additional 119,948 shares during the quarter. TIAA Trust National Association's holdings in Arista Networks were worth $22,315,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. DSG Capital Advisors LLC bought a new position in Arista Networks in the 4th quarter valued at $5,984,000. Ibex Wealth Advisors grew its position in shares of Arista Networks by 14.4% during the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock worth $4,501,000 after buying an additional 7,329 shares in the last quarter. Sowell Financial Services LLC bought a new position in shares of Arista Networks during the 1st quarter worth $629,000. Legal & General Group Plc grew its position in shares of Arista Networks by 227.7% during the 4th quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company's stock worth $863,749,000 after buying an additional 5,429,857 shares in the last quarter. Finally, Bank of Montreal Can grew its position in shares of Arista Networks by 275.3% during the 4th quarter. Bank of Montreal Can now owns 1,490,700 shares of the technology company's stock worth $164,767,000 after buying an additional 1,093,472 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Down 4.6%

Arista Networks stock opened at $117.56 on Friday. The firm has a market cap of $147.65 billion, a price-to-earnings ratio of 49.76, a price-to-earnings-growth ratio of 3.42 and a beta of 1.37. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.57. The business's 50-day moving average price is $101.48 and its 200 day moving average price is $94.98.

Arista Networks (NYSE:ANET - Get Free Report) last posted 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 firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period last year, the company earned $0.50 earnings per share. Equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Needham & Company LLC assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating on the stock. Citigroup raised their price objective on Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research report on Friday, July 11th. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research report on Wednesday, June 11th. Morgan Stanley raised their price objective on Arista Networks from $100.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, BNP Paribas downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of "Moderate Buy" and a consensus target price of $114.00.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 288,820 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $122.19, for a total value of $35,290,915.80. Following the sale, the chief executive officer directly owned 6,065,859 shares of the company's stock, valued at approximately $741,187,311.21. This trade represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the sale, the director directly owned 65,784 shares in the company, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,635,562 shares of company stock valued at $291,955,743 in the last three months. 3.39% of the stock is currently owned by 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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