GPS Wealth Strategies Group LLC Has $1.72 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

GPS Wealth Strategies Group LLC reduced its position in shares of Arista Networks, Inc. (NYSE:ANET) by 1.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,199 shares of the technology company’s stock after selling 297 shares during the period. GPS Wealth Strategies Group LLC’s holdings in Arista Networks were worth $1,720,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ANET. Fifth Third Bancorp boosted its position in shares of Arista Networks by 13.0% in the first quarter. Fifth Third Bancorp now owns 810,167 shares of the technology company’s stock valued at $62,772,000 after acquiring an additional 92,916 shares during the period. Simon Quick Advisors LLC boosted its holdings in Arista Networks by 11.9% in the 1st quarter. Simon Quick Advisors LLC now owns 5,127 shares of the technology company’s stock valued at $397,000 after purchasing an additional 545 shares during the period. Focus Financial Network Inc. increased its holdings in shares of Arista Networks by 39.2% during the 1st quarter. Focus Financial Network Inc. now owns 3,180 shares of the technology company’s stock worth $246,000 after purchasing an additional 896 shares during the period. Northeast Investment Management raised its position in shares of Arista Networks by 54.6% during the first quarter. Northeast Investment Management now owns 4,938 shares of the technology company’s stock valued at $383,000 after buying an additional 1,743 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Arista Networks by 442.5% during the first quarter. Assenagon Asset Management S.A. now owns 1,800,255 shares of the technology company’s stock worth $139,484,000 after buying an additional 1,468,383 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ANET shares. Redburn Atlantic initiated coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a “buy” rating and a $112.00 target price for the company. BNP Paribas Exane cut shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 target price on the stock. in a research note on Wednesday. Wedbush assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set an “outperform” rating for the company. Citigroup upped their price objective on Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Finally, Piper Sandler reissued a “neutral” rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.38.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the transaction, the director now directly owns 123,784 shares of the company’s stock, valued at $10,915,273.12. This represents a 6.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction dated Tuesday, April 22nd. The shares were 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 owns 7,480 shares in the company, valued at $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is owned by insiders.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $94.25 on Thursday. The business has a 50-day simple moving average of $84.81 and a 200 day simple moving average of $96.48. The firm has a market capitalization of $118.38 billion, a price-to-earnings ratio of 42.46, a PEG ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share 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 29.91%. The firm’s revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.50 EPS. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has approved a share buyback program 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 programs are generally an indication that the company’s board of directors 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.