D.A. Davidson & CO. Grows Position in Arista Networks, Inc. (NYSE:ANET)

D.A. Davidson & CO. boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 2.6% in the 4th quarter, HoldingsChannel reports. The fund owned 8,234 shares of the technology company’s stock after acquiring an additional 211 shares during the quarter. D.A. Davidson & CO.’s holdings in Arista Networks were worth $1,939,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. FMR LLC increased its position in shares of Arista Networks by 32.2% in the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock valued at $1,897,906,000 after buying an additional 2,515,864 shares in the last quarter. Norges Bank purchased a new position in shares of Arista Networks in the fourth quarter valued at $586,051,000. Schroder Investment Management Group increased its position in shares of Arista Networks by 439.3% in the third 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 increased its position in shares of Arista Networks by 25,188.0% in the fourth 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. increased its position in shares of Arista Networks by 294.4% in the fourth 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.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ANET. UBS Group lifted their price objective on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Arista Networks in a research report on Wednesday, May 8th. JPMorgan Chase & Co. lifted their price objective on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Barclays lifted their price objective on Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Finally, KeyCorp lifted their price objective on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $295.22.

Arista Networks Price Performance

NYSE ANET opened at $306.55 on Friday. The firm has a market capitalization of $96.06 billion, a P/E ratio of 42.69, a P/E/G ratio of 2.73 and a beta of 1.13. Arista Networks, Inc. has a 1-year low of $148.32 and a 1-year high of $329.04. The business’s 50-day simple moving average is $287.34 and its 200-day simple moving average is $261.43.

Arista Networks declared that its board has approved a stock repurchase program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, SVP Marc Taxay sold 11,650 shares of Arista Networks stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $286.28, for a total value of $3,335,162.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, SVP Marc Taxay sold 11,650 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $286.28, for a total transaction of $3,335,162.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the transaction, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The disclosure for this sale can be found here. Insiders have sold 414,109 shares of company stock valued at $121,583,803 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Company 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.