Signaturefd LLC acquires 160 shares of Arista Networks, Inc. (NYSE:ANET)

Signaturefd LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET – Free Report) by 2.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,815 shares of the technology company’s stock after acquiring an additional 160 shares during the period. Signaturefd LLC’s holdings in Arista Networks were worth $2,038,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after buying an additional 1,596,040 shares in the last quarter. Capital World Investors boosted its holdings in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after acquiring an additional 55,312 shares during the period. WCM Investment Management LLC boosted its stake in Arista Networks by 0.8% in the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after buying an additional 25,196 shares during the last quarter. GQG Partners LLC bought a new stake in shares of Arista Networks in the first quarter worth about $881,848,000. Finally, Norges Bank bought a new position in Arista Networks in the 4th quarter valued at about $586,051,000. Institutional investors own 82.47% of the company’s shares.

Arista Networks Stock Performance

ANET opened at $353.38 on Friday. Arista Networks, Inc. it has a 52-week low of $168.25 and a 52-week high of $376.50. The firm has a market cap of $110.74 billion, a PE ratio of 49.22, a P/E/G ratio of 2.70 and a beta of 1.11. The company has a fifty day moving average price of $343.73 and a two hundred day moving average price of $307.90.

Arista Networks (NYSE:ANET – Get Free Report ) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. In the same period last year, the company earned $1.41 per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. Equities analysts estimate that Arista Networks, Inc. will post 7.29 EPS for the current year.

Arista Networks announced that its board has initiated a stock buyback plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This buyback authorization allows the technology company to buy back up to 1.4% of its shares through open market purchases. Stock buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Insiders place their bets

In other Arista Networks news, SVP Marc Taxay sold 4,493 shares of Arista Networks stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $295.47, for a total value of $1,327,546.71. The transaction was disclosed in a filing with the SEC, which is accessible via this link. In other news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $293.14, for a total value of $243,892.48. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $5,183,008.34. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Marc Taxay sold 4,493 shares of Arista Networks stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $295.47, for a total transaction of $1,327,546.71. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,296 shares of company stock worth $44,532,174. Company insiders own 3.54% of the company’s shares.

Analyst upgrades and downgrades

Several brokerages recently commented on ANET. Rosenblatt Securities upped their target price on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. Barclays boosted their price objective on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price target on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Bank of America upped their target price on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Finally, Jefferies Financial Group raised their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, 31 July. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Moderate Buy” and a consensus price target of $353.38, according to MarketBeat.

Read the latest stock report on Arista Networks

Arista Networks profile

(Free report)

Arista Networks, Inc is engaged 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, Middle East, Africa and Asia-Pacific. Its cloud networking solutions consist of the Extensible Operating System (EOS), a stateful publish-subscribe network operating system delivered in combination with a set of network applications.

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