Sendero Wealth Management LLC Has $11.54 Million Position in Arista Networks, Inc. (NYSE:ANET)

Sendero Wealth Management LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 31.6% during the first quarter, Holdings Channel.com reports. The fund owned 148,993 shares of the technology company’s stock after purchasing an additional 35,752 shares during the period. Arista Networks comprises about 1.6% of Sendero Wealth Management LLC’s holdings, making the stock its 13th largest holding. Sendero Wealth Management LLC’s holdings in Arista Networks were worth $11,544,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after acquiring an additional 72,311,318 shares during the last quarter. FMR LLC grew its holdings in Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the period. Cresset Asset Management LLC increased its stake in Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after purchasing an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC raised its holdings in Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. boosted its position in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on ANET shares. Piper Sandler restated a “neutral” rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Needham & Company LLC assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a “buy” rating for the company. The Goldman Sachs Group dropped their price target on Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Erste Group Bank lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, Redburn Atlantic initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a “buy” rating and a $112.00 target price on the stock. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $107.47.

Arista Networks Stock Up 5.3%

Shares of ANET opened at $94.54 on Wednesday. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock has a market capitalization of $118.73 billion, a P/E ratio of 42.59, a P/E/G ratio of 3.10 and a beta of 1.38. The company has a 50 day moving average of $82.36 and a 200-day moving average of $96.55.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the firm earned $0.50 earnings per share. The firm’s revenue for the quarter was up 27.6% compared to the same quarter last year. On average, sell-side 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 approved a share repurchase program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares of the company’s stock, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 177,690 shares of company stock worth $15,442,765 in the last quarter. Corporate insiders own 3.39% of the company’s stock.

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.