Perpetual Ltd Purchases 1,614 Shares of Arista Networks, Inc. (NYSE:ANET)

Perpetual Ltd boosted its position in Arista Networks, Inc. (NYSE:ANET) by 161.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,615 shares of the technology company’s stock after purchasing an additional 1,614 shares during the period. Perpetual Ltd’s holdings in Arista Networks were worth $758,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Arista Networks by 5.7% during the fourth 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 Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC grew its position in shares of Arista Networks by 0.5% during the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after purchasing an additional 16,081 shares in the last quarter. Norges Bank bought a new position in shares of Arista Networks during the fourth quarter worth approximately $586,051,000. Finally, Northern Trust Corp boosted its stake in shares of Arista Networks by 5.0% in the third quarter. Northern Trust Corp now owns 2,403,738 shares of the technology company’s stock valued at $442,120,000 after buying an additional 114,978 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Down 0.0 %

Shares of ANET opened at $340.27 on Friday. The stock has a market cap of $106.63 billion, a P/E ratio of 47.39, a P/E/G ratio of 3.08 and a beta of 1.08. The business’s fifty day moving average is $293.94 and its 200 day moving average is $273.98. Arista Networks, Inc. has a 12-month low of $148.32 and a 12-month high of $345.89.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. On average, analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current year.

Arista Networks declared that its board has authorized a share buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ANET. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Evercore ISI boosted their price target on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research note on Monday, May 20th. JPMorgan Chase & Co. raised their price objective on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and raised their target price for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. Finally, KeyCorp boosted their price target on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $306.78.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total value of $7,925,000.00. Following the completion of the transaction, the chief executive officer now owns 1,615,800 shares in the company, valued at approximately $512,208,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the sale, the chief executive officer now directly owns 1,615,800 shares in the company, valued at approximately $512,208,600. The disclosure for this sale can be found here. In the last 90 days, insiders sold 257,950 shares of company stock worth $78,433,340. Insiders own 3.54% of the company’s stock.

Arista Networks 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.