13,500 Shares in Arista Networks, Inc. (NYSE:ANET) Purchased by AMF Tjanstepension AB

AMF Tjanstepension AB acquired a new position in Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 13,500 shares of the technology company’s stock, valued at approximately $3,915,000.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Arista Networks during the 4th quarter valued at about $586,051,000. Vanguard Group Inc. grew its holdings in Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares in the last quarter. Schroder Investment Management Group grew its holdings in Arista Networks by 439.3% during the 3rd quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after buying an additional 1,025,815 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Arista Networks by 25,188.0% during the 4th quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after buying an additional 611,312 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Arista Networks by 294.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 745,634 shares of the technology company’s stock valued at $175,604,000 after buying an additional 556,568 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 24,000 shares of Arista Networks stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $292.28, for a total transaction of $7,014,720.00. Following the sale, the chief executive officer now owns 1,642,800 shares of the company’s stock, valued at approximately $480,157,584. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider John F. Mccool sold 580 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $292.28, for a total transaction of $169,522.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 24,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $292.28, for a total value of $7,014,720.00. Following the transaction, the chief executive officer now owns 1,642,800 shares of the company’s stock, valued at approximately $480,157,584. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 212,950 shares of company stock valued at $64,987,920. 3.54% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ANET. The Goldman Sachs Group boosted their price objective on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Citigroup boosted their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group boosted their price objective on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Evercore ISI boosted their price objective on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a report on Monday, May 20th. Finally, Bank of America boosted their target price on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $311.50.

Arista Networks Stock Up 0.7 %

ANET stock opened at $350.44 on Friday. Arista Networks, Inc. has a twelve month low of $149.10 and a twelve month high of $355.22. The stock has a market cap of $109.81 billion, a P/E ratio of 48.81, a PEG ratio of 2.96 and a beta of 1.08. The business’s 50-day moving average price is $303.42 and its 200-day moving average price is $279.00.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data 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. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. On average, equities research analysts expect that Arista Networks, Inc. will post 7.05 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share repurchase program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.