Arista Networks, Inc. (NYSE:ANET) Shares Bought by Pine Valley Investments Ltd Liability Co

Pine Valley Investments Ltd Liability Co grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,843 shares of the technology company’s stock after buying an additional 44 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in Arista Networks were worth $646,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. 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 worth $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Capital World Investors increased its holdings in 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 buying an additional 55,312 shares during the last quarter. WCM Investment Management LLC raised its stake in Arista Networks by 0.8% during 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 in the last quarter. GQG Partners LLC bought a new position in Arista Networks during the 1st quarter worth approximately $881,848,000. Finally, Norges Bank acquired a new position in shares of Arista Networks in the 4th quarter worth approximately $586,051,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Price Performance

NYSE:ANET opened at $353.38 on Friday. The stock has a market cap of $110.74 billion, a PE ratio of 49.22, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a fifty-two week low of $168.25 and a fifty-two week high of $376.50. The stock’s 50-day moving average is $344.05 and its two-hundred day moving average is $308.40.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period last year, the company posted $1.41 earnings per share. On average, equities research analysts anticipate that Arista Networks, Inc. will post 7.29 earnings per share for the current year.

Arista Networks declared that its board has approved a stock repurchase plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

ANET has been the topic of a number of research reports. Rosenblatt Securities increased their target price on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. UBS Group increased their price objective on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Needham & Company LLC reissued a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Finally, Bank of America raised their price target on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $353.38.

Insider Activity

In related news, SVP Kenneth Duda sold 1,592 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $349.55, for a total transaction of $556,483.60. Following the completion of the sale, the senior vice president now directly owns 186,600 shares in the company, valued at $65,226,030. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 1,592 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $349.55, for a total value of $556,483.60. Following the completion of the sale, the senior vice president now directly owns 186,600 shares of the company’s stock, valued at $65,226,030. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 4,493 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was 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. Insiders have sold a total of 128,296 shares of company stock worth $44,532,174 in the last ninety days. Corporate 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.