Sigma Investment Counselors Inc. Acquires Shares of 10,820 Arista Networks, Inc. (NYSE:ANET)

Sigma Investment Counselors Inc. purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 10,820 shares of the technology company’s stock, valued at approximately $3,792,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of ANET. Vanguard Group Inc. boosted its stake in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Capital World Investors increased its position in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after buying an additional 55,312 shares in the last quarter. WCM Investment Management LLC raised its stake in shares of Arista Networks by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after buying an additional 25,196 shares during the last quarter. GQG Partners LLC purchased a new stake in shares of Arista Networks in the 1st quarter worth about $881,848,000. Finally, Norges Bank acquired a new stake in Arista Networks in the 4th quarter valued at about $586,051,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Arista Networks

In other news, insider John F. Mccool sold 2,575 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $354.38, for a total value of $912,528.50. Following the completion of the transaction, the insider now directly owns 72 shares in the company, valued at $25,515.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider John F. Mccool sold 2,575 shares of Arista Networks stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $354.38, for a total transaction of $912,528.50. Following the transaction, the insider now directly owns 72 shares of the company’s stock, valued at $25,515.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $293.14, for a total transaction of $243,892.48. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at $5,183,008.34. The disclosure for this sale can be found here. Insiders have sold a total of 126,704 shares of company stock worth $43,975,690 in the last three months. 3.54% of the stock is owned by company insiders.

Arista Networks Stock Up 0.8 %

ANET stock traded up $2.96 during trading on Friday, hitting $355.13. 975,939 shares of the company’s stock traded hands, compared to its average volume of 2,402,217. The stock has a market capitalization of $111.28 billion, a price-to-earnings ratio of 49.46, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $376.50. The stock has a fifty day moving average price of $343.38 and a two-hundred day moving average price of $306.19.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the business posted $1.41 EPS. The business’s revenue was up 15.9% on a year-over-year basis. As a group, equities research analysts expect that Arista Networks, Inc. will post 7.29 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Bank of America lifted their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Citigroup upped their target price on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Jefferies Financial Group lifted their price target on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $353.38.

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.