Worldquant Millennium Advisors LLC Has $115.89 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Worldquant Millennium Advisors LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 624.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,048,490 shares of the technology company's stock after acquiring an additional 903,821 shares during the period. Arista Networks comprises approximately 0.8% of Worldquant Millennium Advisors LLC's portfolio, making the stock its 24th biggest holding. Worldquant Millennium Advisors LLC owned about 0.08% of Arista Networks worth $115,890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ANET. Caitlin John LLC raised its holdings in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC grew its position in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares during the last quarter. Trust Co. of Vermont grew its position in shares of Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. New Millennium Group LLC grew its position in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 195 shares in the last quarter. Finally, Quarry LP grew its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

NYSE ANET traded down $1.37 during trading on Friday, reaching $91.19. 7,449,715 shares of the company traded hands, compared to its average volume of 8,986,287. The stock's 50 day moving average price is $81.40 and its two-hundred day moving average price is $96.97. The company has a market cap of $114.52 billion, a price-to-earnings ratio of 41.08, a P/E/G ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the company posted $0.50 earnings per share. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. Equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has approved a share repurchase program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In related news, SVP Marc Taxay sold 51,848 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction 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. This trade represents a 59.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 410,755 shares of company stock worth $37,043,825 in the last quarter. Insiders own 3.39% of the company's stock.

Wall Street Analyst Weigh In

ANET has been the topic of a number of recent research reports. Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. KGI Securities downgraded Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Morgan Stanley lifted their target price on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Needham & Company LLC reissued a "buy" rating and set a $130.00 target price on shares of Arista Networks in a research report on Thursday, May 15th. Finally, Citigroup lifted their target price on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $107.14.

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.