Arista Networks, Inc. (NYSE:ANET) Shares Bought by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. raised its stake in Arista Networks, Inc. (NYSE:ANET) by 16.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,609 shares of the technology company’s stock after acquiring an additional 7,040 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Arista Networks were worth $11,448,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Rakuten Securities Inc. acquired a new position in Arista Networks in the fourth quarter valued at approximately $35,000. Atticus Wealth Management LLC increased its position in shares of Arista Networks by 3,625.0% in the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after buying an additional 145 shares in the last quarter. Larson Financial Group LLC purchased a new stake in shares of Arista Networks in the third quarter valued at approximately $28,000. Sandy Spring Bank increased its position in shares of Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after buying an additional 39 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in shares of Arista Networks in the third quarter valued at approximately $29,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider John F. Mccool sold 584 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $281.60, for a total value of $164,454.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Marc Taxay sold 11,650 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $286.28, for a total transaction of $3,335,162.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John F. Mccool sold 584 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $281.60, for a total value of $164,454.40. The disclosure for this sale can be found here. Insiders have sold a total of 414,109 shares of company stock valued at $121,583,803 in the last quarter. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 1.7 %

Shares of Arista Networks stock opened at $306.55 on Friday. Arista Networks, Inc. has a 52 week low of $148.32 and a 52 week high of $329.04. The business’s fifty day simple moving average is $287.34 and its 200-day simple moving average is $261.43. The firm has a market cap of $96.06 billion, a PE ratio of 42.69, a price-to-earnings-growth ratio of 2.77 and a beta of 1.13.

Arista Networks declared that its board has initiated a stock buyback 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 reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have recently commented on the company. KeyCorp boosted their price objective on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. JMP Securities restated a “market outperform” rating and issued a $325.00 price objective on shares of Arista Networks in a research report on Tuesday, February 13th. Barclays boosted their price objective on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Arista Networks in a research report on Wednesday, May 8th. Finally, Evercore ISI boosted their price target on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Monday, May 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $295.22.

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.