True Vision MN LLC Buys Shares of 5,999 Arista Networks, Inc. (NYSE:ANET)

True Vision MN LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,999 shares of the technology company's stock, valued at approximately $465,000.

A number of other large investors also recently made changes to their positions in ANET. Vanguard Group Inc. increased its position in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares during the last quarter. FMR LLC grew its stake in shares of Arista Networks by 330.9% during 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 during the period. Cresset Asset Management LLC grew its stake in shares of Arista Networks by 277.5% during 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 during the period. Geode Capital Management LLC increased its holdings in shares of Arista Networks by 311.6% during 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. raised its position in shares of Arista Networks by 218.5% in 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 during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ANET shares. KGI Securities downgraded Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Wolfe Research began coverage on Arista Networks in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Barclays dropped their target price 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. Morgan Stanley lifted their price target on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. decreased their price objective 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. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and an average price target of $110.07.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction on Monday, June 30th. The shares were 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 of the company's stock, valued at $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the sale, the director directly owned 65,784 shares in the company, valued at $6,536,298.24. This trade represents a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. Corporate insiders own 3.54% of the company's stock.

Arista Networks Stock Up 2.3%

Shares of Arista Networks stock traded up $2.42 during trading hours on Friday, hitting $108.71. 12,952,328 shares of the company's stock traded hands, compared to its average volume of 9,177,053. The company has a market cap of $136.53 billion, a PE ratio of 46.02, a PEG ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock has a 50 day simple moving average of $95.05 and a 200-day simple moving average of $94.84.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm's revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 EPS. As a group, equities research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has approved a share buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

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.