Advisory Services Network LLC Has $7.86 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Advisory Services Network LLC lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 7.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,378 shares of the technology company’s stock after acquiring an additional 2,264 shares during the quarter. Advisory Services Network LLC’s holdings in Arista Networks were worth $7,861,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Rakuten Securities Inc. bought a new stake in Arista Networks in the fourth quarter worth $35,000. Atticus Wealth Management LLC boosted its holdings in Arista Networks by 3,625.0% during the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after acquiring an additional 145 shares during the period. Larson Financial Group LLC bought a new stake in Arista Networks during the third quarter valued at about $28,000. Sandy Spring Bank boosted its holdings in Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after acquiring an additional 39 shares during the period. Finally, First Command Advisory Services Inc. bought a new stake in Arista Networks during the third quarter valued at about $29,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on ANET shares. Rosenblatt Securities reaffirmed a “sell” rating and set a $210.00 price objective on shares of Arista Networks in a research report on Friday, April 12th. JMP Securities reissued a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a research report on Tuesday, February 13th. Evercore ISI raised their price objective on shares of Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a report on Monday, May 20th. JPMorgan Chase & Co. increased their price target on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, UBS Group increased their price target on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $295.22.

Arista Networks Trading Up 1.7 %

Shares of ANET traded up $5.13 during midday trading on Friday, reaching $306.55. The stock had a trading volume of 2,136,456 shares, compared to its average volume of 2,843,981. The firm has a 50 day simple moving average of $287.34 and a 200-day simple moving average of $261.09. Arista Networks, Inc. has a one year low of $148.32 and a one year high of $329.04. The firm has a market cap of $96.06 billion, a PE ratio of 42.69, a P/E/G ratio of 2.73 and a beta of 1.13.

Arista Networks declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, SVP Marc Taxay sold 11,650 shares of Arista Networks stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $286.28, for a total transaction of $3,335,162.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, SVP Marc Taxay sold 11,650 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $286.28, for a total value of $3,335,162.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John F. Mccool sold 584 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $281.60, for a total transaction of $164,454.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 414,109 shares of company stock valued at $121,583,803. Company insiders own 3.54% of the company’s stock.

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.