MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Purchases 74,071 Shares of Arista Networks, Inc. (NYSE:ANET)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 105.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,463 shares of the technology company's stock after buying an additional 74,071 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Arista Networks were worth $15,968,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of 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 holdings in shares of Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after buying an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC raised its stake in shares of Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after acquiring an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Arista Networks by 311.6% in 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 acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Performance

NYSE:ANET traded up $0.29 during mid-day trading on Monday, hitting $96.71. The company had a trading volume of 6,158,059 shares, compared to its average volume of 9,059,762. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm has a market cap of $121.46 billion, a P/E ratio of 43.56, a P/E/G ratio of 3.10 and a beta of 1.38. The business's fifty day moving average is $80.29 and its two-hundred day moving average is $97.20.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly 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 revenue for the quarter was up 27.6% on a year-over-year basis. During the same period last year, the company posted $0.50 EPS. Equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 138,351 shares of the firm's stock in a transaction dated 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, 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. Over the last three months, insiders have sold 410,867 shares of company stock worth $37,056,669. Company insiders own 3.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on ANET. 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. Evercore ISI lowered their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. The Goldman Sachs Group dropped their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Rosenblatt Securities raised their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, Citigroup upped their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a 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's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $107.14.

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.