Allianz SE Has $3.82 Million Position in Arista Networks, Inc. (NYSE:ANET)

Allianz SE raised its position in Arista Networks, Inc. (NYSE:ANET) by 6.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,296 shares of the technology company’s stock after buying an additional 3,020 shares during the quarter. Allianz SE’s holdings in Arista Networks were worth $3,819,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. HighMark Wealth Management LLC boosted its stake in shares of Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company’s stock valued at $28,000 after buying an additional 230 shares during the period. Quarry LP raised its holdings in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC lifted its position in shares of Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock valued at $29,000 after acquiring an additional 212 shares during the period. Cloud Capital Management LLC acquired a new stake in shares of Arista Networks during the 1st quarter worth $30,000. Finally, McIlrath & Eck LLC acquired a new stake in shares of Arista Networks during the 4th quarter worth $35,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE ANET opened at $117.56 on Monday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.57. The firm has a market cap of $147.65 billion, a PE ratio of 49.76, a price-to-earnings-growth ratio of 3.42 and a beta of 1.37. The company has a 50 day simple moving average of $101.48 and a 200 day simple moving average of $94.81.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. Arista Networks’s revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.50 earnings per share. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its board has initiated a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ANET shares. Wolfe Research initiated coverage on shares of Arista Networks in a research report on Tuesday, July 8th. They set an “outperform” rating for the company. Citigroup boosted their target price on shares of Arista Networks from $112.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Redburn Atlantic assumed coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating and a $112.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Finally, KGI Securities downgraded shares of Arista Networks to a “neutral” rating in a research report on Wednesday, May 7th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the completion of the transaction, the senior vice president owned 12,976 shares in the company, valued at approximately $1,442,801.44. This trade represents a 69.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total transaction of $794,880.00. Following the completion of the sale, the director directly owned 65,784 shares in the company, valued at approximately $6,536,298.24. This represents a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,635,562 shares of company stock worth $291,955,743. Corporate 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.