Claro Advisors LLC Makes New $206,000 Investment in Arista Networks, Inc. (NYSE:ANET)

Claro Advisors LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 589 shares of the technology company’s stock, valued at approximately $206,000.

Other institutional investors also recently modified their holdings of the company. GQG Partners LLC bought a new stake in Arista Networks in the 1st quarter valued at $881,848,000. Norges Bank acquired a new position in shares of Arista Networks in the fourth quarter valued at $586,051,000. Swedbank AB bought a new position in shares of Arista Networks in the first quarter valued at about $521,767,000. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 1,596,040 shares during the last quarter. Finally, TD Asset Management Inc boosted its holdings in shares of Arista Networks by 145.5% during the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after buying an additional 471,099 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ANET shares. Evercore ISI raised their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Jefferies Financial Group lifted their price target on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Barclays boosted their price target on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Rosenblatt Securities lifted 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. Finally, Morgan Stanley upped their price target on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $353.38.

Arista Networks Stock Performance

Arista Networks stock opened at $353.38 on Tuesday. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $376.50. The stock has a market capitalization of $110.74 billion, a P/E ratio of 49.22, a price-to-earnings-growth ratio of 2.78 and a beta of 1.11. The stock has a fifty day moving average of $344.53 and a 200-day moving average of $309.62.

Arista Networks (NYSE:ANET) last issued its 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. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm earned $1.41 earnings per share. The business’s quarterly revenue was up 15.9% on a year-over-year basis. On average, research analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

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

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the sale, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the sale, the director now directly owns 2,726 shares in the company, valued at $883,278.52. The disclosure for this sale can be found here. Insiders sold a total of 120,387 shares of company stock valued at $42,196,501 in the last quarter. Insiders own 3.54% of the company’s stock.

About Arista Networks

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.