AMF Tjanstepension AB Takes Position in Arista Networks, Inc. (NYSE:ANET)

AMF Tjanstepension AB acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 13,500 shares of the technology company's stock, valued at approximately $3,915,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Sendero Wealth Management LLC raised its stake in Arista Networks by 16.2% in the 1st quarter. Sendero Wealth Management LLC now owns 26,863 shares of the technology company's stock valued at $7,790,000 after acquiring an additional 3,738 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Arista Networks by 143.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,947 shares of the technology company's stock valued at $12,164,000 after acquiring an additional 24,744 shares during the period. Signet Financial Management LLC raised its stake in Arista Networks by 1.3% in the 1st quarter. Signet Financial Management LLC now owns 27,599 shares of the technology company's stock valued at $8,003,000 after acquiring an additional 365 shares during the period. Sandbox Financial Partners LLC bought a new stake in Arista Networks in the 1st quarter valued at $232,000. Finally, Wealthcare Advisory Partners LLC raised its stake in Arista Networks by 10.6% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 1,535 shares of the technology company's stock valued at $445,000 after acquiring an additional 147 shares during the period. Institutional investors own 82.47% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ANET. Rosenblatt Securities restated a "sell" rating and issued a $210.00 price target on shares of Arista Networks in a research note on Friday, April 12th. Wells Fargo & Company increased their price objective on Arista Networks from $310.00 to $340.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 8th. Jefferies Financial Group upgraded Arista Networks from a "hold" rating to a "buy" rating and increased their price objective for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. Needham & Company LLC reiterated a "buy" rating and set a $320.00 price objective on shares of Arista Networks in a research report on Wednesday, May 8th. Finally, Citigroup increased their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a "buy" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and a consensus price target of $311.50.

Arista Networks Price Performance

NYSE:ANET traded up $2.55 during trading hours on Friday, hitting $350.48. The company's stock had a trading volume of 2,879,761 shares, compared to its average volume of 2,332,303. The company has a market capitalization of $109.83 billion, a P/E ratio of 48.81, a PEG ratio of 3.07 and a beta of 1.08. Arista Networks, Inc. has a twelve month low of $149.10 and a twelve month high of $355.22. The stock has a fifty day simple moving average of $303.42 and a 200-day simple moving average of $279.35.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.56 by $0.24. The firm had revenue of $1.57 billion during 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%. On average, equities analysts predict that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its board has authorized a stock repurchase plan on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Arista Networks

In other news, SVP Marc Taxay sold 1,040 shares of the business's stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $292.28, for a total value of $303,971.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total value of $70,543.82. Following the completion of the sale, the director now owns 2,976 shares in the company, valued at approximately $941,427.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 1,040 shares of Arista Networks stock in a transaction on Monday, April 1st. The shares were sold at an average price of $292.28, for a total transaction of $303,971.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 212,950 shares of company stock worth $64,987,920. Company insiders own 3.54% of the company's stock.

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.