Arista Networks, Inc. (NYSE:ANET) Position Increased by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC increased its stake in shares of Arista Networks, Inc. (NYSE:ANETFree Report) by 25.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,089 shares of the technology company’s stock after buying an additional 8,656 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Arista Networks were worth $12,205,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Creative Planning boosted its stake in Arista Networks by 18.1% during the 3rd quarter. Creative Planning now owns 34,762 shares of the technology company’s stock valued at $6,394,000 after purchasing an additional 5,322 shares during the period. Diversified Trust Co grew its holdings in Arista Networks by 30.9% in the 3rd quarter. Diversified Trust Co now owns 1,995 shares of the technology company’s stock worth $367,000 after buying an additional 471 shares in the last quarter. Hohimer Wealth Management LLC increased its position in Arista Networks by 0.9% in the 3rd quarter. Hohimer Wealth Management LLC now owns 6,657 shares of the technology company’s stock valued at $1,224,000 after acquiring an additional 58 shares during the period. Comerica Bank raised its stake in Arista Networks by 70,806.3% during the 3rd quarter. Comerica Bank now owns 78,706 shares of the technology company’s stock valued at $14,476,000 after acquiring an additional 78,595 shares in the last quarter. Finally, Oak Grove Capital LLC acquired a new position in Arista Networks during the 3rd quarter worth $202,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

NYSE ANET opened at $366.14 on Monday. The firm’s 50 day moving average price is $314.01 and its two-hundred day moving average price is $284.17. The stock has a market cap of $114.73 billion, a price-to-earnings ratio of 50.99, a PEG ratio of 3.23 and a beta of 1.11. Arista Networks, Inc. has a twelve month low of $149.10 and a twelve month high of $367.25.

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

Arista Networks announced that its board has approved a stock buyback program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

ANET has been the topic of a number of research analyst reports. Morgan Stanley raised their price target on Arista Networks from $300.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, June 12th. JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Wells Fargo & Company raised their price objective on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Rosenblatt Securities restated a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research report on Friday, April 12th. Finally, The Goldman Sachs Group lifted their price target on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $311.50.

Check Out Our Latest Report on Arista Networks

Insider Buying and Selling at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,595,800 shares in the company, valued at $569,700,600. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,595,800 shares in the company, valued at $569,700,600. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $255.83, for a total value of $511,660.00. Following the completion of the transaction, the director now owns 56,946 shares in the company, valued at approximately $14,568,495.18. The disclosure for this sale can be found here. Insiders have sold a total of 214,118 shares of company stock valued at $68,528,038 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

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

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

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