Avanza Fonder AB Purchases 2,062 Shares of Arista Networks, Inc. (NYSE:ANET)

Avanza Fonder AB boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 2.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 101,298 shares of the technology company’s stock after acquiring an additional 2,062 shares during the quarter. Avanza Fonder AB’s holdings in Arista Networks were worth $8,120,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC raised its holdings in Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 191 shares during the period. Quarry LP boosted its holdings in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 206 shares during the period. Dunhill Financial LLC grew its position in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock valued at $29,000 after purchasing an additional 212 shares during the last quarter. Hemington Wealth Management increased its stake in shares of Arista Networks by 409.7% in the fourth quarter. Hemington Wealth Management now owns 316 shares of the technology company’s stock worth $34,000 after purchasing an additional 254 shares during the period. Finally, Tradewinds Capital Management LLC lifted its position in shares of Arista Networks by 300.0% during the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company’s stock worth $34,000 after purchasing an additional 234 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ANET has been the topic of a number of research reports. Piper Sandler reaffirmed a “neutral” rating and set a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Citigroup raised their price target on shares of Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. 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 objective for the company. Needham & Company LLC assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating on the stock. Finally, JPMorgan Chase & Co. lowered their price target on Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.47.

Arista Networks Trading Down 0.3%

NYSE ANET opened at $96.93 on Tuesday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The stock has a 50 day moving average of $83.76 and a 200-day moving average of $96.52. The company has a market cap of $121.74 billion, a PE ratio of 43.66, a PEG ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm 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 29.91%. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 earnings per share. As a group, sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has approved a share buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now directly 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,690 shares of company stock worth $9,360,205. Insiders own 3.39% 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.