MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $15.97 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Arista Networks, Inc. (NYSE:ANET) by 105.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 144,463 shares of the technology company’s stock after purchasing an additional 74,071 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Arista Networks were worth $15,968,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Moore Capital Management LP boosted its stake in shares of Arista Networks by 27.6% during the fourth quarter. Moore Capital Management LP now owns 11,648 shares of the technology company’s stock valued at $1,287,000 after purchasing an additional 2,516 shares in the last quarter. Lazard Asset Management LLC lifted its stake in shares of Arista Networks by 397.8% in the fourth quarter. Lazard Asset Management LLC now owns 113,902 shares of the technology company’s stock worth $12,589,000 after acquiring an additional 91,023 shares during the period. Logan Capital Management Inc. boosted its holdings in Arista Networks by 284.8% in the fourth quarter. Logan Capital Management Inc. now owns 160,299 shares of the technology company’s stock valued at $17,718,000 after acquiring an additional 118,644 shares during the last quarter. LRI Investments LLC boosted its holdings in Arista Networks by 292.9% in the fourth quarter. LRI Investments LLC now owns 5,375 shares of the technology company’s stock valued at $594,000 after acquiring an additional 4,007 shares during the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC boosted its holdings in Arista Networks by 232.7% in the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 68,722 shares of the technology company’s stock valued at $7,596,000 after acquiring an additional 48,068 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ANET has been the topic of several analyst reports. Evercore ISI reduced their target price on Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC reiterated a “buy” rating and issued a $130.00 target price on shares of Arista Networks in a report on Thursday. Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Rosenblatt Securities upped their target price on Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Finally, The Goldman Sachs Group reduced their target price on Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.14.

Insider Transactions at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now directly owns 7,480 shares of the company’s stock, valued at approximately $512,305.20. This represents a 16.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction on Monday, February 24th. The shares were 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 of the company’s stock, valued at $8,697,137.08. The trade was a 59.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 410,867 shares of company stock valued at $37,056,669 over the last ninety days. 3.39% of the stock is owned by company insiders.

Arista Networks Stock Down 2.3%

Shares of NYSE:ANET opened at $95.97 on Friday. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock’s 50 day moving average is $79.95 and its 200-day moving average is $97.24. The firm has a market capitalization of $120.53 billion, a price-to-earnings ratio of 43.23, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the firm earned $0.50 earnings per share. Arista Networks’s revenue for the quarter was up 27.6% on a year-over-year basis. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has approved a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

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.