DigitalBridge Group Inc. Boosts Holdings in Arista Networks, Inc. (NYSE:ANET)

DigitalBridge Group Inc. lifted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 314.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 296,410 shares of the technology company's stock after purchasing an additional 224,834 shares during the quarter. Arista Networks accounts for approximately 2.3% of DigitalBridge Group Inc.'s investment portfolio, making the stock its 13th biggest holding. DigitalBridge Group Inc.'s holdings in Arista Networks were worth $32,762,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Caitlin John LLC boosted its position in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after purchasing an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC increased its holdings in Arista Networks by 335.1% during the fourth 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. Cranbrook Wealth Management LLC raised its position in Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock worth $29,000 after acquiring an additional 198 shares in the last quarter. Trust Co. of Vermont grew its position in shares of Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after acquiring an additional 198 shares during the period. Finally, New Millennium Group LLC increased its stake in shares of 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 purchasing an additional 195 shares during the last quarter. Institutional investors own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. KGI Securities lowered Arista Networks to a "neutral" rating in a report on Wednesday. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and increased their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. The Goldman Sachs Group decreased their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday. Citigroup lifted their price target on Arista Networks from $92.00 to $97.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $106.07.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction dated Monday, February 24th. The shares were 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 owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Marc Taxay sold 51,848 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 412,355 shares of company stock valued at $37,216,079. Corporate insiders own 3.39% of the company's stock.

Arista Networks Stock Down 0.2 %

Shares of ANET stock traded down $0.14 during mid-day trading on Friday, reaching $87.13. 315,820 shares of the stock traded hands, compared to its average volume of 9,081,905. The stock's fifty day simple moving average is $78.92 and its two-hundred day simple moving average is $97.40. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The company has a market cap of $109.41 billion, a price-to-earnings ratio of 39.25, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the firm posted $0.50 EPS. The company's quarterly revenue was up 27.6% on a year-over-year basis. On average, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a share buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

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.