Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Concentric Capital Strategies LP

Concentric Capital Strategies LP boosted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 372.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 137,718 shares of the technology company’s stock after buying an additional 108,560 shares during the period. Arista Networks accounts for 0.7% of Concentric Capital Strategies LP’s investment portfolio, making the stock its 21st largest position. Concentric Capital Strategies LP’s holdings in Arista Networks were worth $15,222,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. CoreCap Advisors LLC raised its stake in shares of Arista Networks by 121.0% in the fourth quarter. CoreCap Advisors LLC now owns 16,141 shares of the technology company’s stock valued at $1,784,000 after purchasing an additional 8,837 shares in the last quarter. Cornerstone Select Advisors LLC bought a new position in Arista Networks during the fourth quarter worth about $1,644,000. Cresset Asset Management LLC increased its stake in Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Arista Networks by 322.4% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 264,372 shares of the technology company’s stock valued at $29,221,000 after acquiring an additional 201,783 shares in the last quarter. Finally, Capitolis Liquid Global Markets LLC acquired a new stake in Arista Networks in the 4th quarter valued at approximately $92,514,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE ANET opened at $91.10 on Wednesday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The stock’s 50-day moving average is $79.02 and its two-hundred day moving average is $97.58. The company has a market cap of $114.38 billion, a price-to-earnings ratio of 41.03, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the company posted $0.50 earnings per share. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a share buyback plan 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 plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the sale, the chief executive officer now directly owns 92,641 shares in the company, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,500,155.36. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 412,355 shares of company stock valued at $39,259,279. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ANET. JPMorgan Chase & Co. lowered their price target on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a research report on Wednesday, February 19th. Evercore ISI decreased their target price on Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Finally, Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $108.36.

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.