Unigestion Holding SA bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,699 shares of the technology company's stock, valued at approximately $829,000.
A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Arista Networks by 304.2% during the 4th 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 in the last quarter. FMR LLC increased its stake in shares of 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 buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC grew its holdings in 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 worth $3,016,207,000 after acquiring an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares during the period. Institutional investors own 82.47% of the company's stock.
Insider Buying and Selling at Arista Networks
In other news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock worth $9,360,205 over the last ninety days. Insiders own 3.39% of the company's stock.
Arista Networks Price Performance
NYSE:ANET traded up $0.17 during trading hours on Thursday, hitting $95.11. The stock had a trading volume of 7,929,264 shares, compared to its average volume of 9,050,304. The firm has a market capitalization of $119.45 billion, a price-to-earnings ratio of 42.84, a P/E/G ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company has a 50 day simple moving average of $82.70 and a two-hundred day simple moving average of $96.54.
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 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 29.91%. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the firm posted $0.50 earnings per share. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.
Arista Networks announced that its board has authorized a stock buyback plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on ANET shares. The Goldman Sachs Group decreased their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Morgan Stanley raised their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. JPMorgan Chase & Co. reduced their price objective on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Evercore ISI lowered their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Finally, UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and increased their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.47.
Get Our Latest Analysis on Arista Networks
About Arista Networks
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Free Report)
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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