Cambridge Investment Research Advisors Inc. Acquires 28,512 Shares of Arista Networks, Inc. (NYSE:ANET)

Cambridge Investment Research Advisors Inc. increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 10.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,884 shares of the technology company’s stock after purchasing an additional 28,512 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Arista Networks were worth $22,693,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ANET. Capital Advisors Ltd. LLC lifted 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 buying an additional 191 shares in the last quarter. Quarry LP boosted its stake in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC boosted its stake in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after purchasing an additional 212 shares during the period. McIlrath & Eck LLC acquired a new position in Arista Networks in the 4th quarter worth $35,000. Finally, Aster Capital Management DIFC Ltd acquired a new position in Arista Networks in the 4th quarter worth $37,000. Institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ANET. Needham & Company LLC began coverage on Arista Networks in a report on Wednesday, May 28th. They issued a “buy” rating on the stock. Redburn Atlantic started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a “buy” rating and a $112.00 target price on the stock. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. BNP Paribas Exane lowered shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price objective on the stock. in a research report on Wednesday, June 11th. Finally, Citigroup boosted their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.87.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $92.03 on Tuesday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a market capitalization of $115.58 billion, a P/E ratio of 38.95, a PEG ratio of 2.53 and a beta of 1.37. The stock’s fifty day moving average is $87.89 and its 200 day moving average is $95.73.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same period last year, the firm earned $0.50 EPS. Equities research analysts forecast 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 program 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the sale, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 161,690 shares of company stock worth $14,525,085. Insiders own 3.54% of the company’s stock.

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.