Gulf International Bank UK Ltd Has $6.28 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Gulf International Bank UK Ltd lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 0.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,657 shares of the technology company’s stock after buying an additional 141 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Arista Networks were worth $6,280,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Capital World Investors increased its position in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC increased its position in shares of Arista Networks by 0.5% in the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after purchasing an additional 16,081 shares during the period. Norges Bank bought a new position in shares of Arista Networks in the fourth quarter worth $586,051,000. Finally, Northern Trust Corp grew its position in Arista Networks by 5.0% in the third quarter. Northern Trust Corp now owns 2,403,738 shares of the technology company’s stock valued at $442,120,000 after acquiring an additional 114,978 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Trading Down 0.8 %

Shares of NYSE:ANET opened at $337.36 on Friday. The stock has a fifty day simple moving average of $295.25 and a two-hundred day simple moving average of $275.24. The stock has a market capitalization of $105.72 billion, a price-to-earnings ratio of 46.99, a PEG ratio of 3.08 and a beta of 1.08. Arista Networks, Inc. has a 12-month low of $148.32 and a 12-month high of $345.89.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. As a group, equities research analysts predict that Arista Networks, Inc. will post 7.05 EPS for the current year.

Arista Networks announced that its Board of Directors has approved a stock buyback program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Arista Networks news, Director Daniel Scheinman sold 1,000 shares of Arista Networks stock in a transaction on Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the completion of the sale, the director now owns 37,732 shares of the company’s stock, valued at approximately $12,382,510.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $325.88, for a total value of $6,517,600.00. Following the completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,057,154.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel Scheinman sold 1,000 shares of Arista Networks stock in a transaction on Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the completion of the sale, the director now directly owns 37,732 shares of the company’s stock, valued at approximately $12,382,510.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 257,950 shares of company stock valued at $78,433,340. Corporate insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on ANET shares. JPMorgan Chase & Co. lifted their target price on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and boosted their price target for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. Bank of America boosted their price objective on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday. Evercore ISI boosted their price objective on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a report on Monday, May 20th. Finally, Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $306.78.

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.