Arista Networks, Inc. (NYSE:ANET) Shares Purchased by Nuveen Asset Management LLC

Nuveen Asset Management LLC raised its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 330.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,292,585 shares of the technology company's stock after purchasing an additional 8,671,235 shares during the period. Nuveen Asset Management LLC owned 0.90% of Arista Networks worth $1,248,169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Caitlin John LLC grew its stake in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after purchasing an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC grew its stake in 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. Cranbrook Wealth Management LLC grew its stake in Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Trust Co. of Vermont grew its stake in shares of Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock worth $29,000 after acquiring an additional 198 shares during the last quarter. Finally, New Millennium Group LLC grew its stake in shares of 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 acquiring an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Stock Performance

NYSE ANET traded up $0.24 during trading hours on Friday, reaching $96.31. The stock had a trading volume of 5,866,947 shares, compared to its average volume of 9,063,159. The stock has a fifty day moving average of $80.29 and a 200 day moving average of $97.21. The stock has a market cap of $120.95 billion, a P/E ratio of 43.38, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the company posted $0.50 earnings per share. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ANET shares. KGI Securities lowered Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. The Goldman Sachs Group dropped their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Citigroup boosted their price target on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday. 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 equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $107.14.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider John F. Mccool sold 17,433 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.14, for a total value of $1,623,709.62. Following the transaction, the insider now directly owns 17,433 shares of the company's stock, valued at approximately $1,623,709.62. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 410,867 shares of company stock valued at $37,056,669. 3.39% of the stock is owned by company insiders.

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.