Full Sail Capital LLC Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

Full Sail Capital LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 300.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,004 shares of the technology company’s stock after purchasing an additional 12,003 shares during the quarter. Full Sail Capital LLC’s holdings in Arista Networks were worth $1,769,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of ANET. Caitlin John LLC lifted its position in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after buying an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC raised its stake 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 valued at $27,000 after acquiring an additional 191 shares during the period. Cranbrook Wealth Management LLC lifted its holdings in shares of Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares during the last quarter. Trust Co. of Vermont boosted its position in shares of Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC increased its holdings in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 195 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In related news, SVP Marc Taxay sold 51,848 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total transaction of $712,240.00. Following the completion of the transaction, the director now owns 147,784 shares in the company, valued at approximately $13,157,209.52. This represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 412,355 shares of company stock valued at $37,216,079 over the last ninety days. Insiders own 3.39% of the company’s stock.

Arista Networks Price Performance

Arista Networks stock opened at $86.15 on Friday. The stock has a market cap of $108.17 billion, a PE ratio of 38.81, a P/E/G ratio of 3.10 and a beta of 1.38. The stock’s fifty day moving average is $78.94 and its two-hundred day moving average is $97.31. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-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 the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm’s revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.50 earnings per share. On average, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ANET shares. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and raised their price target for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Rosenblatt Securities raised their target price on Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a report on Wednesday. Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Barclays lowered their price objective on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a research note on Wednesday. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $106.07.

About Arista Networks

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.