Norden Group LLC Buys Shares of 3,531 Arista Networks, Inc. (NYSE:ANET)

Norden Group LLC acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,531 shares of the technology company's stock, valued at approximately $1,024,000.

• Arista Networks Advances the Era of AI and Microperimeters

Several other institutional investors and hedge funds have also modified their holdings of the business. PNC Financial Services Group Inc. increased its position in shares of Arista Networks by 7.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company's stock worth $12,082,000 after acquiring an additional 3,763 shares in the last quarter. Lebenthal Global Advisors LLC acquired a new stake in shares of Arista Networks in the 4th quarter valued at about $662,000. US Bancorp DE lifted its holdings in shares of Arista Networks by 6.3% in the fourth 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. Advisor Resource Council boosted its position in shares of Arista Networks by 507.9% during the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company's stock worth $1,653,000 after buying an additional 5,866 shares during the period. Finally, WCM Investment Management LLC grew its holdings in shares of Arista Networks by 0.5% during the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company's stock worth $716,649,000 after buying an additional 16,081 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on ANET. Bank of America lifted their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a "buy" rating in a report on Thursday, June 20th. Erste Group Bank reissued a "buy" rating on shares of Arista Networks in a research report on Friday, June 14th. Morgan Stanley raised their price objective on Arista Networks from $300.00 to $325.00 and gave the company an "overweight" rating in a report on Wednesday, June 12th. Citigroup upped their target price on Arista Networks from $330.00 to $385.00 and gave the stock a "buy" rating in a report on Thursday, June 27th. Finally, JPMorgan Chase & Co. raised their price target on Arista Networks from $297.00 to $315.00 and gave the company an "overweight" rating in a research note on Thursday, April 11th. One 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $311.50.

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View Our Latest Stock Analysis on Arista Networks

Arista Networks Stock Up 0.2 %

Shares of ANET stock opened at $366.14 on Friday. Arista Networks, Inc. has a 12-month low of $149.10 and a 12-month high of $367.25. The company has a market capitalization of $114.73 billion, a PE ratio of 50.99, a price-to-earnings-growth ratio of 3.23 and a beta of 1.11. The firm has a 50 day moving average price of $314.01 and a two-hundred day moving average price of $283.49.

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Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The business had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.55 billion. As a group, research analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current year.

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

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 4,042 shares of Arista Networks stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $299.99, for a total value of $1,212,559.58. Following the completion of the sale, the chief executive officer now owns 1,628,532 shares in the company, valued at approximately $488,543,314.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jayshree Ullal sold 4,042 shares of the firm's stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $299.99, for a total transaction of $1,212,559.58. Following the transaction, the chief executive officer now directly owns 1,628,532 shares of the company's stock, valued at $488,543,314.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the sale, the director now owns 2,976 shares of the company's stock, valued at $941,427.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 214,118 shares of company stock valued at $68,528,038. 3.54% of the stock is owned by company insiders.

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.

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