Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 29,969 shares of the technology company's stock, valued at approximately $2,322,000.
Several other large investors have also recently bought and sold shares of ANET. Capital Advisors Ltd. LLC lifted its holdings in shares of 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 in the last quarter. Quarry LP increased its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the period. Dunhill Financial LLC raised its stake in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares in the last quarter. Tradewinds Capital Management LLC raised its stake in Arista Networks by 300.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock worth $34,000 after purchasing an additional 234 shares in the last quarter. Finally, McIlrath & Eck LLC bought a new stake in Arista Networks in the 4th quarter valued at about $35,000. 82.47% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
ANET has been the topic of several recent research reports. KeyCorp started coverage on shares of Arista Networks in a report on Thursday. They set an "overweight" rating and a $115.00 target price on the stock. Citigroup increased their price target on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Needham & Company LLC assumed coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating for the company. Redburn Atlantic assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price for the company. Finally, UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their price target for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $109.33.
Get Our Latest Research Report on Arista Networks
Arista Networks Trading Up 5.6%
Arista Networks stock traded up $5.40 during midday trading on Thursday, reaching $101.71. The company's stock had a trading volume of 15,250,168 shares, compared to its average volume of 9,081,478. The stock has a market cap of $127.74 billion, a PE ratio of 43.05, a price-to-earnings-growth ratio of 2.82 and a beta of 1.37. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The business has a 50-day moving average price of $89.42 and a 200-day moving average price of $95.70.
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 for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period last year, the company posted $0.50 EPS. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.
Arista Networks declared that its board has initiated a stock 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.
Insider Buying and Selling at Arista Networks
In other news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the transaction, the director now owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock worth $14,525,085 over the last quarter. Corporate insiders own 3.39% of the company's stock.
About Arista Networks
(
Free Report)
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.
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