Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 852,594 shares of the technology company’s stock, valued at approximately $94,237,000. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.07% of Arista Networks as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares during the period. FMR LLC lifted its holdings in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock valued at $6,371,848,000 after buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC boosted its stake in Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after buying an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC boosted its stake in Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after buying an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.
Arista Networks Stock Performance
NYSE ANET opened at $91.19 on Tuesday. The firm’s 50 day moving average price is $81.54 and its two-hundred day moving average price is $96.84. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock has a market cap of $114.52 billion, a price-to-earnings ratio of 41.08, a PEG ratio of 3.10 and a beta of 1.38.
Arista Networks declared that its board has authorized a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
Insiders Place Their Bets
In other news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The shares were 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 $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John F. Mccool sold 17,433 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $96.57, for a total transaction of $1,683,504.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 254,971 shares of company stock worth $22,431,724. 3.39% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
ANET has been the subject of a number of research analyst reports. Evercore ISI cut their price target on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Rosenblatt Securities increased their target price on shares of Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a research note on Wednesday, May 7th. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their target price for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Erste Group Bank lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, JPMorgan Chase & Co. cut their price objective on Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average price target of $107.14.
Check Out Our Latest Report on Arista Networks
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.
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