Arista Networks, Inc. (NYSE:ANET) Position Increased by Global Assets Advisory LLC

Global Assets Advisory LLC grew its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 279.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,997 shares of the technology company's stock after purchasing an additional 3,680 shares during the quarter. Global Assets Advisory LLC's holdings in Arista Networks were worth $559,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Caitlin John LLC lifted its holdings in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after acquiring an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC grew its stake in Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares during the last quarter. New Millennium Group LLC grew its stake in Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 195 shares during the last quarter. Quarry LP increased its position in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares during the period. Finally, Dunhill Financial LLC lifted its stake in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of ANET traded up $2.45 during mid-day trading on Tuesday, hitting $94.77. The company's stock had a trading volume of 1,591,773 shares, compared to its average volume of 9,031,038. The firm has a 50-day moving average price of $79.03 and a 200 day moving average price of $97.25. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The stock has a market capitalization of $119.03 billion, a price-to-earnings ratio of 42.81, 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 (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.50 earnings per share. As a group, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a share repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

ANET has been the topic of a number of analyst reports. Barclays dropped their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Evercore ISI dropped their price target on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. KGI Securities cut Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. 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. Finally, Piper Sandler restated a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $106.07.

Insiders Place Their Bets

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of the business's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the sale, the director now directly owns 8,128 shares of the company's stock, valued at $870,752.64. The trade was a 15.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 138,351 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the sale, the chief executive officer now directly owns 92,641 shares of the company's stock, valued at approximately $8,697,137.08. This trade represents a 59.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 412,355 shares of company stock worth $37,216,079. Company insiders own 3.39% of the company's stock.

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.