AlTi Global Inc. Increases Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

AlTi Global Inc. increased its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 192.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,080 shares of the technology company's stock after acquiring an additional 8,609 shares during the period. AlTi Global Inc.'s holdings in Arista Networks were worth $1,568,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the period. FMR LLC increased its position in Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the period. Geode Capital Management LLC lifted its position in shares of Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Alliancebernstein L.P. increased its position in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after buying an additional 14,454,822 shares during the period. Finally, Norges Bank bought a new position in Arista Networks in the fourth quarter worth about $1,397,833,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 0.8 %

ANET stock traded up $0.72 during midday trading on Tuesday, reaching $91.10. 14,128,172 shares of the company's stock traded hands, compared to its average volume of 9,192,749. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The stock has a market cap of $114.38 billion, a P/E ratio of 41.03, a PEG ratio of 3.10 and a beta of 1.38. The stock's 50-day moving average is $79.03 and its 200 day moving average is $97.62.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. The company had revenue of $1.93 billion for the quarter, compared to analysts' expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. As a group, research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has authorized a share repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ANET shares. Evercore ISI reduced their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Needham & Company LLC restated a "buy" rating and set a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Piper Sandler dropped their price target on Arista Networks from $108.00 to $76.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Finally, Morgan Stanley raised their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and an average target price of $108.36.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 51,848 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 138,351 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the sale, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 412,355 shares of company stock worth $39,259,279. 3.54% of the stock is owned by company insiders.

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.