Allstate Corp Takes Position in Arista Networks, Inc. (NYSE:ANET)

Allstate Corp purchased a new stake in Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 853 shares of the technology company’s stock, valued at approximately $201,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Private Advisor Group LLC increased its position in Arista Networks by 2.5% during the third quarter. Private Advisor Group LLC now owns 4,137 shares of the technology company’s stock worth $761,000 after buying an additional 102 shares during the period. Larson Financial Group LLC purchased a new position in Arista Networks during the 3rd quarter worth $28,000. US Bancorp DE raised its holdings in shares of Arista Networks by 4.5% in the third quarter. US Bancorp DE now owns 40,274 shares of the technology company’s stock valued at $7,408,000 after buying an additional 1,738 shares during the last quarter. Corient Private Wealth LLC boosted its stake in shares of Arista Networks by 0.6% during the third quarter. Corient Private Wealth LLC now owns 115,862 shares of the technology company’s stock worth $21,313,000 after buying an additional 680 shares during the period. Finally, Signaturefd LLC grew its holdings in shares of Arista Networks by 5.6% during the third quarter. Signaturefd LLC now owns 5,967 shares of the technology company’s stock worth $1,098,000 after buying an additional 319 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on ANET. The Goldman Sachs Group raised their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. upped their price target on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. Oppenheimer reaffirmed a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. Finally, Wells Fargo & Company increased their price target on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $295.22.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $286.52, for a total transaction of $573,040.00. Following the transaction, the director now directly owns 60,946 shares of the company’s stock, valued at approximately $17,462,247.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, SVP Kenneth Duda sold 14,416 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the completion of the sale, the senior vice president now directly owns 252,382 shares in the company, valued at approximately $82,284,103.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $286.52, for a total transaction of $573,040.00. Following the transaction, the director now directly owns 60,946 shares in the company, valued at $17,462,247.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 396,350 shares of company stock valued at $115,916,018. 3.54% of the stock is currently owned by insiders.

Arista Networks Price Performance

Shares of NYSE ANET traded up $5.75 during mid-day trading on Friday, hitting $307.17. 867,852 shares of the stock traded hands, compared to its average volume of 2,537,563. The firm has a 50 day simple moving average of $286.76 and a two-hundred day simple moving average of $260.44. Arista Networks, Inc. has a twelve month low of $148.32 and a twelve month high of $329.04. The company has a market cap of $96.25 billion, a PE ratio of 42.62, a price-to-earnings-growth ratio of 2.86 and a beta of 1.13.

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

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.