Team Hewins LLC Acquires New Holdings in Arista Networks, Inc. (NYSE:ANET)

Team Hewins LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANETFree Report) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 1,480 shares of the technology company’s stock, valued at approximately $349,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SageView Advisory Group LLC bought a new position in Arista Networks in the 4th quarter valued at about $235,000. FineMark National Bank & Trust raised its holdings in Arista Networks by 0.7% during the fourth quarter. FineMark National Bank & Trust now owns 6,236 shares of the technology company’s stock worth $1,469,000 after purchasing an additional 43 shares in the last quarter. Hohimer Wealth Management LLC lifted its position in Arista Networks by 0.6% in the fourth quarter. Hohimer Wealth Management LLC now owns 6,700 shares of the technology company’s stock worth $1,578,000 after purchasing an additional 43 shares during the period. US Bancorp DE boosted its stake in Arista Networks by 6.3% during the 4th quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock valued at $10,082,000 after purchasing an additional 2,535 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its position in shares of Arista Networks by 16.9% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 48,609 shares of the technology company’s stock valued at $11,448,000 after purchasing an additional 7,040 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Marc Taxay sold 11,650 shares of Arista Networks stock in a transaction on Friday, March 1st. The shares were sold at an average price of $286.28, for a total value of $3,335,162.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Jayshree Ullal sold 17,759 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $319.15, for a total transaction of $5,667,784.85. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,642,891.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Marc Taxay sold 11,650 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $286.28, for a total value of $3,335,162.00. The disclosure for this sale can be found here. Insiders sold 414,109 shares of company stock valued at $121,583,803 over the last 90 days. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Performance

Shares of ANET traded up $5.13 during trading hours on Friday, hitting $306.55. 2,136,456 shares of the company were exchanged, compared to its average volume of 2,843,981. The firm’s 50 day moving average is $287.34 and its 200-day moving average is $261.09. Arista Networks, Inc. has a 52 week low of $148.32 and a 52 week high of $329.04. The company has a market cap of $96.06 billion, a PE ratio of 42.69, a PEG ratio of 2.73 and a beta of 1.13.

Arista Networks declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ANET shares. Rosenblatt Securities reaffirmed a “sell” rating and set a $210.00 target price on shares of Arista Networks in a report on Friday, April 12th. JPMorgan Chase & Co. increased their price objective on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $320.00 in a report on Friday, May 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Arista Networks in a report on Wednesday, May 8th. Finally, The Goldman Sachs Group lifted their price target on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $295.22.

Read Our Latest Analysis on ANET

Arista Networks Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANETFree Report).

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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