Altman Advisors Inc. Purchases 471 Shares of Arista Networks, Inc. (NYSE:ANET)

Altman Advisors Inc. lifted its position in Arista Networks, Inc. (NYSE:ANET) by 2.0% in the 1st quarter, Holdings Channel reports. The fund owned 23,481 shares of the technology company’s stock after acquiring an additional 471 shares during the quarter. Altman Advisors Inc.’s holdings in Arista Networks were worth $1,932,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ANET. Brighton Jones LLC raised its position in shares of Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after acquiring an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Arista Networks in the 4th quarter worth approximately $202,000. Bank Pictet & Cie Europe AG raised its position in shares of Arista Networks by 433.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock worth $1,200,000 after acquiring an additional 8,822 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Arista Networks by 634.3% in the 4th quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company’s stock worth $515,000 after acquiring an additional 4,028 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its position in shares of Arista Networks by 247.1% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 84,285 shares of the technology company’s stock worth $9,316,000 after acquiring an additional 60,004 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

NYSE ANET opened at $107.50 on Wednesday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a 50-day moving average of $95.74 and a 200 day moving average of $94.90. The company has a market capitalization of $135.01 billion, a price-to-earnings ratio of 45.50, a PEG ratio of 3.16 and a beta of 1.40.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the company earned $0.50 EPS. Arista Networks’s revenue for the quarter was up 27.6% on a year-over-year basis. On average, equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer owned 30,000 shares of the company’s stock, valued at $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the sale, the director directly owned 65,784 shares of the company’s stock, valued at $6,536,298.24. The trade was a 10.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock valued at $113,157,408 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on ANET. The Goldman Sachs Group reduced their price objective on Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Evercore ISI raised their price objective on Arista Networks from $105.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, June 23rd. Needham & Company LLC started coverage on Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating for the company. Piper Sandler reaffirmed a “neutral” rating and set a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Finally, Citigroup raised their price objective on Arista Networks from $112.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $110.07.

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.