Farther Finance Advisors LLC Buys 979 Shares of Arista Networks, Inc. (NYSE:ANET)

Farther Finance Advisors LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 111.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,855 shares of the technology company’s stock after buying an additional 979 shares during the quarter. Farther Finance Advisors LLC’s holdings in Arista Networks were worth $662,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ANET. GQG Partners LLC purchased a new stake in Arista Networks in the first quarter valued at about $881,848,000. Norges Bank purchased a new stake in Arista Networks in the fourth quarter valued at about $586,051,000. Swedbank AB purchased a new stake in Arista Networks in the first quarter valued at about $521,767,000. Vanguard Group Inc. raised its stake in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in Arista Networks by 145.5% in the fourth quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock valued at $187,215,000 after buying an additional 471,099 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $352.93, for a total value of $705,860.00. Following the sale, the director now directly owns 52,946 shares of the company’s stock, valued at $18,686,231.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $352.93, for a total value of $705,860.00. Following the transaction, the director now owns 52,946 shares in the company, valued at approximately $18,686,231.78. The disclosure for this sale can be found here. Insiders have sold 120,387 shares of company stock valued at $42,196,501 over the last ninety days. Insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

ANET has been the subject of a number of research analyst reports. Jefferies Financial Group increased their price target on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their price objective on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Bank of America raised their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Morgan Stanley raised their price objective on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Finally, Citigroup raised their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $353.38.

Arista Networks Trading Up 2.0 %

Shares of ANET opened at $353.38 on Tuesday. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $376.50. The stock’s 50 day moving average is $344.53 and its two-hundred day moving average is $309.62. The firm has a market cap of $110.74 billion, a P/E ratio of 49.22, a PEG ratio of 2.78 and a beta of 1.11.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.41 earnings per share. Equities research analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

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

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.