McIlrath & Eck LLC Purchases Shares of 320 Arista Networks, Inc. (NYSE:ANET)

McIlrath & Eck LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 320 shares of the technology company’s stock, valued at approximately $35,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Arista Networks by 304.2% during the fourth 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 during the period. FMR LLC boosted its holdings in shares of Arista Networks by 330.9% during the 4th 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 grew its position in shares of Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock worth $3,016,207,000 after buying an additional 20,059,303 shares during the period. Geode Capital Management LLC grew its position in shares of Arista Networks by 311.6% during 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 buying an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock valued at $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ANET shares. KGI Securities lowered shares of Arista Networks to a “neutral” rating in a research note on Wednesday, May 7th. Erste Group Bank lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. JPMorgan Chase & Co. decreased their target price on Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Evercore ISI cut their price target on Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Finally, Rosenblatt Securities boosted their price objective on Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a report 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 company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.14.

Arista Networks Stock Down 3.3%

Shares of NYSE:ANET opened at $92.52 on Thursday. The business’s 50 day moving average is $81.11 and its 200 day moving average is $97.15. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The stock has a market cap of $116.20 billion, a price-to-earnings ratio of 41.68, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period last year, the business earned $0.50 EPS. The business’s revenue was up 27.6% on a year-over-year basis. As a group, equities research analysts expect 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 program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. The trade was a 59.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction 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 trade represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 410,755 shares of company stock valued at $37,045,233 over the last ninety days. Corporate insiders own 3.39% of the company’s stock.

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.