Norden Group LLC Acquires New Position in Arista Networks, Inc. (NYSE:ANET)

Norden Group LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 3,531 shares of the technology company’s stock, valued at approximately $1,024,000.

Other institutional investors also recently made changes to their positions in the company. NBC Securities Inc. lifted its position in Arista Networks by 21.5% in the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after purchasing an additional 38 shares during the period. Sandy Spring Bank lifted its position in shares of Arista Networks by 33.6% during the 4th 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 last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Arista Networks by 6.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock valued at $163,000 after acquiring an additional 39 shares during the last quarter. Fulton Breakefield Broenniman LLC lifted its position in shares of Arista Networks by 1.8% during the 4th quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock valued at $531,000 after acquiring an additional 40 shares during the last quarter. Finally, West Family Investments Inc. lifted its position in shares of Arista Networks by 3.3% during the 4th quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock valued at $298,000 after acquiring an additional 40 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Up 0.2 %

ANET stock traded up $0.72 during trading on Friday, reaching $366.14. 1,263,932 shares of the stock were exchanged, compared to its average volume of 2,489,277. Arista Networks, Inc. has a twelve month low of $149.10 and a twelve month high of $367.00. The company has a market capitalization of $114.73 billion, a P/E ratio of 50.89, a price-to-earnings-growth ratio of 3.23 and a beta of 1.11. The stock has a 50 day simple moving average of $311.98 and a 200-day simple moving average of $282.60.

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

Arista Networks declared that its Board of Directors has initiated a share buyback program on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Citigroup increased their price objective on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. 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. Bank of America raised their target price on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. JPMorgan Chase & Co. raised their target price on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Finally, Wells Fargo & Company raised their target price on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $311.50.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $940,922.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total transaction of $5,801,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $940,922.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 4,042 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $299.99, for a total transaction of $1,212,559.58. Following the transaction, the chief executive officer now owns 1,628,532 shares of the company’s stock, valued at $488,543,314.68. The disclosure for this sale can be found here. Insiders sold 214,118 shares of company stock worth $68,528,038 in the last quarter. 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.