USS Investment Management Ltd Purchases 121,466 Shares of Arista Networks, Inc. (NYSE:ANET)

USS Investment Management Ltd increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 269.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 166,608 shares of the technology company's stock after buying an additional 121,466 shares during the period. USS Investment Management Ltd's holdings in Arista Networks were worth $18,424,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Caitlin John LLC grew its position in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted 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 worth $27,000 after acquiring an additional 191 shares in the last quarter. New Millennium Group LLC grew its holdings in Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 195 shares during the period. Quarry LP increased its stake in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares in the last quarter. Finally, Dunhill Financial LLC raised its holdings in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after purchasing an additional 212 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Price Performance

Shares of ANET stock traded down $1.37 on Monday, hitting $91.19. The stock had a trading volume of 7,449,715 shares, compared to its average volume of 8,986,287. The business has a 50 day moving average of $81.40 and a 200 day moving average of $96.90. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The stock has a market cap of $114.52 billion, a price-to-earnings ratio of 41.08, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

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 the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the business posted $0.50 EPS. The company's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on ANET shares. JPMorgan Chase & Co. decreased their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Needham & Company LLC reissued a "buy" rating and issued a $130.00 price objective on shares of Arista Networks in a research note on Thursday, May 15th. The Goldman Sachs Group decreased their price objective on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Evercore ISI cut their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, Piper Sandler restated a "neutral" rating and set a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $107.14.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total value of $712,240.00. Following the completion of the transaction, the director now owns 147,784 shares in the company, valued at $13,157,209.52. This represents a 5.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $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. Over the last three months, insiders sold 254,971 shares of company stock valued at $22,431,724. 3.39% of the stock is owned by insiders.

About Arista Networks

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.