Fiduciary Trust Co Has $13.69 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Fiduciary Trust Co lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 294.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 123,885 shares of the technology company's stock after buying an additional 92,502 shares during the period. Fiduciary Trust Co's holdings in Arista Networks were worth $13,693,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ANET. Caitlin John LLC boosted its stake in Arista Networks by 174.7% during the 4th 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 period. Capital Advisors Ltd. LLC boosted 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 valued at $27,000 after purchasing an additional 191 shares during the period. Cranbrook Wealth Management LLC boosted its stake in Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares during the period. Trust Co. of Vermont boosted its stake in Arista Networks by 300.0% during the 4th 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 during the period. Finally, New Millennium Group LLC boosted 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 valued at $29,000 after purchasing an additional 195 shares during the period. Institutional investors own 82.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ANET. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and boosted their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research note on Wednesday. Evercore ISI reduced their price target on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 price target (up from $76.00) on shares of Arista Networks in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $106.07.

Arista Networks Trading Down 1.3%

ANET stock traded down $1.12 on Friday, hitting $86.15. 8,267,268 shares of the company's stock traded hands, compared to its average volume of 9,055,203. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The stock has a market cap of $108.17 billion, a price-to-earnings ratio of 38.81, a P/E/G ratio of 3.10 and a beta of 1.38. The stock has a fifty day moving average of $78.94 and a 200-day moving average of $97.29.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the business earned $0.50 earnings per share. The business'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 earnings per share for the current fiscal year.

Arista Networks declared that its board has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,101,013.60. The trade was a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the business's stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders have sold 412,355 shares of company stock worth $37,216,079 over the last 90 days. 3.39% of the stock is owned by company insiders.

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.