Intech Investment Management LLC Acquires 16,898 Shares of Arista Networks, Inc. (NYSE:ANET)

Intech Investment Management LLC raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 254.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,530 shares of the technology company’s stock after purchasing an additional 16,898 shares during the quarter. Intech Investment Management LLC’s holdings in Arista Networks were worth $5,542,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ANET. Larson Financial Group LLC bought a new position in shares of Arista Networks in the 3rd quarter worth about $28,000. First Command Advisory Services Inc. bought a new stake in Arista Networks in the third quarter worth $29,000. NBC Securities Inc. purchased a new stake in shares of Arista Networks in the third quarter worth $33,000. Atticus Wealth Management LLC boosted its stake in Arista Networks by 3,625.0% in the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after purchasing an additional 145 shares in the last quarter. Finally, Rakuten Securities Inc. purchased a new position in Arista Networks in the fourth quarter worth about $35,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of ANET traded up $5.13 during midday trading on Friday, hitting $306.55. The stock had a trading volume of 2,136,456 shares, compared to its average volume of 2,843,981. The stock’s 50 day moving average is $287.34 and its 200 day moving average is $261.43. The firm has a market cap of $96.06 billion, a PE ratio of 42.69, a price-to-earnings-growth ratio of 2.77 and a beta of 1.13. Arista Networks, Inc. has a 1 year low of $148.32 and a 1 year high of $329.04.

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

Arista Networks declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 7th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Oppenheimer reiterated a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. The Goldman Sachs Group lifted their target price on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. raised their price target on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Arista Networks in a report on Wednesday, May 8th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $325.00 price objective on shares of Arista Networks in a research report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $295.22.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $286.52, for a total transaction of $573,040.00. Following the completion of the transaction, the director now owns 60,946 shares in the company, valued at approximately $17,462,247.92. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Yvonne Wassenaar sold 223 shares of the firm’s 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 transaction, the director now directly owns 2,976 shares of the company’s stock, valued at $941,427.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $286.52, for a total value of $573,040.00. Following the completion of the sale, the director now owns 60,946 shares of the company’s stock, valued at approximately $17,462,247.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 414,109 shares of company stock worth $121,583,803. 3.54% of the stock is currently 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.