Circle Wealth Management LLC Acquires 30,378 Shares of Arista Networks, Inc. (NYSE:ANET)

Circle Wealth Management LLC boosted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 299.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,538 shares of the technology company's stock after acquiring an additional 30,378 shares during the quarter. Circle Wealth Management LLC's holdings in Arista Networks were worth $4,481,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Caitlin John LLC lifted its holdings in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after buying an additional 191 shares during the period. Cranbrook Wealth Management LLC lifted its holdings in Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after buying an additional 198 shares during the period. Trust Co. of Vermont increased its stake in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares in the last quarter. Finally, New Millennium Group LLC increased its stake in Arista Networks by 300.0% in the fourth 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 in the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Marc Taxay sold 51,848 shares of the company's 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the company's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the transaction, the director now owns 8,128 shares of the company's stock, valued at approximately $870,752.64. This represents a 15.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 412,355 shares of company stock valued at $37,216,079 over the last three months. Insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on ANET. Barclays decreased their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. KGI Securities downgraded shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group reduced their price objective on shares of 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, Rosenblatt Securities boosted their target price on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. 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 company currently has a consensus rating of "Moderate Buy" and a consensus price target of $106.07.

Arista Networks Stock Performance

Shares of ANET stock traded up $4.84 on Tuesday, hitting $97.16. 7,675,383 shares of the company's stock traded hands, compared to its average volume of 11,277,272. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.57. The company's fifty day simple moving average is $79.03 and its 200 day simple moving average is $97.25. The stock has a market capitalization of $122.03 billion, a price-to-earnings ratio of 43.77, a P/E/G ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during 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%. Arista Networks's revenue was up 27.6% compared to the same quarter last year. During the same period last year, the business earned $0.50 EPS. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has initiated a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

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.