13,500 Shares in Arista Networks, Inc. (NYSE:ANET) Bought by AMF Tjanstepension AB

AMF Tjanstepension AB acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 13,500 shares of the technology company’s stock, valued at approximately $3,915,000.

A number of other institutional investors have also made changes to their positions in ANET. Financial Synergies Wealth Advisors Inc. lifted its holdings in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares in the last quarter. Alaska Permanent Fund Corp acquired a new position in Arista Networks during the first quarter worth approximately $37,000. Riverview Trust Co acquired a new position in shares of Arista Networks in the first quarter valued at approximately $40,000. Rakuten Securities Inc. acquired a new position in shares of Arista Networks in the fourth quarter valued at approximately $35,000. Finally, Atticus Wealth Management LLC grew its position in shares of Arista Networks by 3,625.0% in the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after purchasing an additional 145 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $350.44 on Friday. Arista Networks, Inc. has a 52-week low of $149.10 and a 52-week high of $355.22. The firm has a fifty day moving average of $303.42 and a 200 day moving average of $279.00. The firm has a market capitalization of $109.81 billion, a PE ratio of 48.81, a price-to-earnings-growth ratio of 2.96 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.24. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. On average, sell-side analysts forecast that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks declared that its board has authorized a share repurchase plan on Tuesday, May 7th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Yvonne Wassenaar sold 223 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares of the company’s stock, valued at $941,427.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Jayshree Ullal sold 24,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $292.28, for a total transaction of $7,014,720.00. Following the transaction, the chief executive officer now owns 1,642,800 shares in the company, valued at $480,157,584. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the transaction, the director now owns 2,976 shares in the company, valued at approximately $941,427.84. The disclosure for this sale can be found here. Insiders sold 212,950 shares of company stock valued at $64,987,920 over the last three months. Insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on ANET shares. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research note on Wednesday, May 8th. Evercore ISI increased their price target on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research note on Monday, May 20th. Citigroup increased their price target on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group raised their target price on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Morgan Stanley raised their target price on Arista Networks from $300.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $311.50.

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.