10,701 Shares in Arista Networks, Inc. (NYSE:ANET) Bought by HighPoint Advisor Group LLC

HighPoint Advisor Group LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANETFree Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,701 shares of the technology company’s stock, valued at approximately $2,520,000.

Other institutional investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. purchased a new stake in Arista Networks during the fourth quarter valued at about $35,000. Atticus Wealth Management LLC boosted its position in Arista Networks by 3,625.0% during the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after buying an additional 145 shares during the period. Sandy Spring Bank boosted its position in Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after buying an additional 39 shares during the period. Transcendent Capital Group LLC bought a new position in shares of Arista Networks during the fourth quarter valued at about $42,000. Finally, Larson Financial Group LLC raised its stake in shares of Arista Networks by 30.9% during the fourth quarter. Larson Financial Group LLC now owns 199 shares of the technology company’s stock valued at $47,000 after acquiring an additional 47 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 0.1 %

ANET traded up $0.27 during midday trading on Tuesday, reaching $340.35. The company’s stock had a trading volume of 208,448 shares, compared to its average volume of 2,489,061. The firm has a market capitalization of $106.65 billion, a price-to-earnings ratio of 47.35, a PEG ratio of 2.97 and a beta of 1.08. Arista Networks, Inc. has a 1 year low of $148.32 and a 1 year high of $342.86. The stock’s 50-day moving average is $291.11 and its 200-day moving average is $272.17.

Arista Networks (NYSE:ANETGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. As a group, equities research analysts forecast that Arista Networks, Inc. will post 7.05 earnings per share for the current fiscal year.

Arista Networks declared that its board has authorized a stock buyback program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 21,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $289.06, for a total value of $6,070,260.00. Following the sale, the chief executive officer now owns 1,674,300 shares in the company, valued at $483,973,158. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Jayshree Ullal sold 21,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $289.06, for a total value of $6,070,260.00. Following the sale, the chief executive officer now owns 1,674,300 shares in the company, valued at $483,973,158. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John F. Mccool sold 580 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $292.28, for a total transaction of $169,522.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 299,950 shares of company stock worth $90,841,430. 3.54% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ANET. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research note on Friday. Morgan Stanley upped their price objective on shares of Arista Networks from $300.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday, June 12th. UBS Group upped their price objective on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Barclays upped their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. Finally, Evercore ISI upped their price objective on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research note on Monday, May 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $298.17.

View Our Latest Research Report on Arista Networks

Arista Networks Company 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.

Further Reading

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)

Receive News & Ratings for Arista Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks and related companies with MarketBeat.com's FREE daily email newsletter.