37,915 Shares in Arista Networks, Inc. (NYSE:ANET) Purchased by Cary Street Partners Financial LLC

Cary Street Partners Financial LLC bought a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 37,915 shares of the technology company's stock, valued at approximately $4,191,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Caxton Associates LP lifted its holdings in Arista Networks by 301.8% during the 4th quarter. Caxton Associates LP now owns 171,463 shares of the technology company's stock worth $18,952,000 after purchasing an additional 128,785 shares in the last quarter. BW Gestao de Investimentos Ltda. purchased a new stake in shares of Arista Networks in the fourth quarter worth about $3,360,000. Balyasny Asset Management L.P. boosted its position in shares of Arista Networks by 427.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,336,033 shares of the technology company's stock valued at $258,202,000 after acquiring an additional 1,893,268 shares during the period. Baird Financial Group Inc. grew its stake in Arista Networks by 335.7% during the fourth quarter. Baird Financial Group Inc. now owns 634,882 shares of the technology company's stock valued at $70,174,000 after acquiring an additional 489,165 shares in the last quarter. Finally, Bamco Inc. NY bought a new stake in Arista Networks during the 4th quarter worth approximately $18,658,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Activity at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the business's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the sale, the director now directly owns 8,128 shares in the company, valued at $870,752.64. The trade was a 15.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John F. Mccool sold 17,433 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $96.57, for a total transaction of $1,683,504.81. The disclosure for this sale can be found here. Over the last three months, insiders sold 412,355 shares of company stock valued at $37,216,079. Insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. The Goldman Sachs Group reduced their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday. Piper Sandler restated a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and raised their price objective for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a research note on Wednesday. Finally, Morgan Stanley upped their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $106.07.

Arista Networks Stock Performance

Shares of ANET traded down $1.12 during mid-day trading on Friday, reaching $86.15. The stock had a trading volume of 8,267,268 shares, compared to its average volume of 9,107,271. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The business has a fifty day moving average of $78.94 and a 200 day moving average of $97.31. The firm has a market cap of $108.17 billion, a price-to-earnings ratio of 38.81, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly 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 business had revenue of $2 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS. On average, research 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 share buyback plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

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.