Everhart Financial Group Inc. Raises Stock Position in Arista Networks, Inc. (NYSE:ANET)

Everhart Financial Group Inc. raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 78.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,024 shares of the technology company’s stock after purchasing an additional 1,765 shares during the quarter. Everhart Financial Group Inc.’s holdings in Arista Networks were worth $312,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. RMR Wealth Builders increased its position in Arista Networks by 0.6% during the 1st quarter. RMR Wealth Builders now owns 30,642 shares of the technology company’s stock valued at $2,374,000 after purchasing an additional 180 shares during the period. Capital Advisors Ltd. LLC grew its position in shares of 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 buying an additional 191 shares during the period. Fragasso Financial Advisors Inc grew its position in shares of Arista Networks by 4.4% in the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company’s stock worth $360,000 after buying an additional 196 shares during the period. Quarry LP grew its position in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 206 shares during the period. Finally, Dunhill Financial LLC grew its position in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after buying an additional 212 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of ANET stock opened at $92.28 on Friday. The company’s 50-day moving average is $85.82 and its 200 day moving average is $96.36. The company has a market capitalization of $115.89 billion, a price-to-earnings ratio of 41.57, a price-to-earnings-growth 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 announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.50 EPS. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its board has initiated a share repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of recent research reports. Barclays reduced their target price on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Piper Sandler reaffirmed a “neutral” rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Wedbush initiated coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued an “outperform” rating on the stock. Needham & Company LLC initiated coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a “buy” rating on the stock. Finally, Redburn Atlantic assumed coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a “buy” rating and a $112.00 target price on the stock. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $107.38.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now owns 139,784 shares of the company’s stock, valued at $10,840,249.20. This trade represents a 5.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,168,748.32. This trade represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 in the last 90 days. 3.39% of the stock is currently owned by insiders.

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.