Wells Fargo & Company MN Has $226.17 Million Position in Arista Networks, Inc. (NYSE:ANET)

Wells Fargo & Company MN raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 11.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 960,346 shares of the technology company’s stock after buying an additional 99,284 shares during the quarter. Wells Fargo & Company MN’s holdings in Arista Networks were worth $226,171,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. AXQ Capital LP bought a new stake in Arista Networks in the third quarter valued at $791,000. Lebenthal Global Advisors LLC acquired a new position in Arista Networks in the fourth quarter valued at about $662,000. Advisor Resource Council lifted its stake in Arista Networks by 507.9% in the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock valued at $1,653,000 after buying an additional 5,866 shares during the period. Bleakley Financial Group LLC lifted its stake in Arista Networks by 4.6% in the fourth quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock valued at $1,047,000 after buying an additional 194 shares during the period. Finally, WCM Investment Management LLC raised its position in shares of Arista Networks by 0.5% during the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after purchasing an additional 16,081 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 356 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $274.91, for a total value of $97,867.96. Following the sale, the director now owns 2,570 shares in the company, valued at approximately $706,518.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Kelly Bodnar Battles sold 356 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $274.91, for a total value of $97,867.96. Following the transaction, the director now directly owns 2,570 shares of the company’s stock, valued at approximately $706,518.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders have sold 400,210 shares of company stock worth $116,875,362 in the last 90 days. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 0.6 %

Shares of ANET stock opened at $319.00 on Wednesday. The firm has a market capitalization of $99.96 billion, a P/E ratio of 44.15, a P/E/G ratio of 2.89 and a beta of 1.13. Arista Networks, Inc. has a twelve month low of $139.18 and a twelve month high of $329.04. The stock’s fifty day simple moving average is $285.70 and its 200 day simple moving average is $259.76.

Arista Networks declared that its board has authorized a share repurchase program on Tuesday, May 7th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of research analyst reports. KeyCorp raised their price target on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group raised their price objective on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Wells Fargo & Company raised their price objective on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Oppenheimer reissued a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. Finally, JPMorgan Chase & Co. lifted their price objective on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $295.22.

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.