Fox Hill Wealth Management Has $2.61 Million Position in Arista Networks, Inc. (NYSE:ANET)

Fox Hill Wealth Management grew its holdings in Arista Networks, Inc. (NYSE:ANET) by 9.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,709 shares of the technology company’s stock after purchasing an additional 2,827 shares during the quarter. Arista Networks comprises 1.5% of Fox Hill Wealth Management’s portfolio, making the stock its 18th biggest holding. Fox Hill Wealth Management’s holdings in Arista Networks were worth $2,612,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Arista Networks by 1.8% in the first quarter. Vanguard Group Inc. now owns 97,856,933 shares of the technology company’s stock valued at $7,581,955,000 after purchasing an additional 1,771,982 shares during the last quarter. Cresset Asset Management LLC grew its position in Arista Networks by 277.5% during 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 buying an additional 20,059,303 shares in the last quarter. Nuveen LLC acquired a new stake in Arista Networks during the first quarter worth about $933,626,000. Nuveen Asset Management LLC grew its position in Arista Networks by 330.8% during the fourth quarter. Nuveen Asset Management LLC now owns 11,292,585 shares of the technology company’s stock worth $1,248,169,000 after buying an additional 8,671,235 shares in the last quarter. Finally, Northern Trust Corp grew its position in Arista Networks by 354.3% during the fourth quarter. Northern Trust Corp now owns 9,942,816 shares of the technology company’s stock worth $1,098,979,000 after buying an additional 7,753,991 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Trading Up 2.6%

NYSE:ANET opened at $141.17 on Wednesday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $141.74. The firm has a 50 day moving average of $107.49 and a 200-day moving average of $95.44. The stock has a market capitalization of $177.43 billion, a P/E ratio of 55.52, a price-to-earnings-growth ratio of 3.27 and a beta of 1.37.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.08. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter in the previous year, the company posted $0.53 earnings per share. Arista Networks’s quarterly revenue was up 30.4% compared to the same quarter last year. As a group, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has authorized a stock repurchase 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, CEO Jayshree Ullal sold 1,785,165 shares of the business’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $136.22, for a total value of $243,175,176.30. Following the completion of the transaction, the chief executive officer owned 5,698,074 shares in the company, valued at $776,191,640.28. The trade was a 23.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 5,767,742 shares of company stock valued at $714,048,068 in the last three months. Insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ANET shares. UBS Group lifted their target price on Arista Networks from $115.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. KGI Securities downgraded Arista Networks to a “neutral” rating in a research report on Wednesday, May 7th. Piper Sandler lifted their target price on Arista Networks from $89.00 to $143.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 6th. Erste Group Bank raised Arista Networks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 23rd. Finally, Redburn Atlantic assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a “buy” rating and a $112.00 target price on the stock. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $138.07.

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.