Arista Networks, Inc. (NYSE:ANET) Stock Position Lifted by Earned Wealth Advisors LLC

Earned Wealth Advisors LLC raised its stake in Arista Networks, Inc. (NYSE:ANET) by 125.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,702 shares of the technology company’s stock after buying an additional 2,612 shares during the quarter. Earned Wealth Advisors LLC’s holdings in Arista Networks were worth $364,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after buying an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC grew its position 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 worth $3,016,207,000 after acquiring an additional 20,059,303 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Arista Networks by 330.8% during the 4th quarter. Nuveen Asset Management LLC now owns 11,292,585 shares of the technology company’s stock worth $1,248,169,000 after purchasing an additional 8,671,235 shares during the last quarter. Invesco Ltd. increased its stake in shares of Arista Networks by 271.2% during the 4th quarter. Invesco Ltd. now owns 11,190,118 shares of the technology company’s stock worth $1,236,844,000 after purchasing an additional 8,175,884 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Arista Networks by 354.3% in the 4th quarter. Northern Trust Corp now owns 9,942,816 shares of the technology company’s stock valued at $1,098,979,000 after purchasing an additional 7,753,991 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the sale, the senior vice president owned 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 748,444 shares of the business’s stock in a transaction on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. This trade represents a 96.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,635,562 shares of company stock valued at $291,955,743 over the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ANET has been the topic of several analyst reports. Barclays lowered 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. Morgan Stanley increased their price objective on Arista Networks from $100.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday. Rosenblatt Securities boosted their target price on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. 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. 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 price target on the stock. Six equities research 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 a consensus rating of “Moderate Buy” and an average target price of $114.00.

Arista Networks Stock Performance

NYSE ANET opened at $117.56 on Monday. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.57. The stock has a market cap of $147.65 billion, a PE ratio of 49.76, a PEG ratio of 3.42 and a beta of 1.37. The firm has a 50-day simple moving average of $101.48 and a 200 day simple moving average of $94.81.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating 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 firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the firm posted $0.50 EPS. The company’s revenue for the quarter was up 27.6% on a year-over-year basis. Research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has authorized a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Arista Networks 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.