Point72 Asia Singapore Pte. Ltd. Buys New Position in Arista Networks, Inc. (NYSE:ANET)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, Holdings Channel.com reports. The fund purchased 738 shares of the technology company’s stock, valued at approximately $82,000.

A number of other institutional investors and hedge funds have also bought and sold shares of ANET. Caitlin John LLC raised its holdings in shares of 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 boosted its holdings in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after purchasing an additional 191 shares during the last quarter. New Millennium Group LLC grew its position in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 195 shares in the last quarter. Cranbrook Wealth Management LLC increased its stake in Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares during the last quarter. Finally, Trust Co. of Vermont lifted its position in shares of Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after buying an additional 198 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $88.58, for a total transaction of $708,640.00. Following the sale, the director now directly owns 131,784 shares in the company, valued at $11,673,426.72. This represents a 5.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated 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 sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 410,867 shares of company stock valued at $37,056,669 over the last three months. Company insiders own 3.39% of the company’s stock.

Arista Networks Stock Up 0.2%

Shares of NYSE:ANET opened at $96.31 on Friday. The firm has a market capitalization of $120.95 billion, a PE ratio of 43.38, a P/E/G ratio of 3.10 and a beta of 1.38. The company has a 50-day moving average price of $80.29 and a two-hundred day moving average price of $97.20. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.97 billion. During the same period last year, the firm earned $0.50 EPS. Arista Networks’s revenue for the quarter was up 27.6% on a year-over-year basis. Analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has initiated a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

ANET has been the subject of several recent analyst reports. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and upped their target price for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Needham & Company LLC restated a “buy” rating and issued a $130.00 price objective on shares of Arista Networks in a research note on Thursday. Evercore ISI decreased their target price on Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Rosenblatt Securities boosted their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Finally, Morgan Stanley raised their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.