9,084 Shares in Arista Networks, Inc. (NYSE:ANET) Bought by Malaga Cove Capital LLC

Malaga Cove Capital LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 9,084 shares of the technology company’s stock, valued at approximately $704,000.

A number of other institutional investors have also recently added to or reduced their stakes in ANET. Brighton Jones LLC grew its stake in Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after buying an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in Arista Networks during the 4th quarter worth $202,000. Bank Pictet & Cie Europe AG boosted its position in Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock worth $1,200,000 after acquiring an additional 8,822 shares during the period. Summit Financial LLC boosted its position in Arista Networks by 322.3% during the 4th quarter. Summit Financial LLC now owns 4,704 shares of the technology company’s stock worth $520,000 after acquiring an additional 3,590 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in Arista Networks by 345.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,329,652 shares of the technology company’s stock worth $146,966,000 after acquiring an additional 1,031,351 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ANET shares. JPMorgan Chase & Co. boosted their price target on Arista Networks from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. BNP Paribas lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 11th. Rosenblatt Securities boosted their price target on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Redburn Atlantic started coverage on Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating and a $112.00 price target for the company. Finally, Citigroup boosted their price target on Arista Networks from $112.00 to $123.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Arista Networks Stock Down 4.6%

Shares of Arista Networks stock opened at $117.56 on Friday. The firm has a market cap of $147.65 billion, a price-to-earnings ratio of 49.76, a price-to-earnings-growth ratio of 3.58 and a beta of 1.37. The business has a fifty day simple moving average of $101.48 and a 200-day simple moving average of $95.12. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.57.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company’s revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.50 earnings per share. Analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 30,000 shares of the business’s stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the sale, the senior vice president directly owned 12,976 shares of the company’s stock, valued at $1,442,801.44. The trade was a 69.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the sale, the director directly owned 65,784 shares in the company, valued at $6,536,298.24. This trade represents a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,635,562 shares of company stock valued at $291,955,743 over the last ninety days. 3.39% of the stock is currently owned by company insiders.

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.