Cerro Pacific Wealth Advisors LLC Invests $254,000 in Arista Networks, Inc. (NYSE:ANET)

Cerro Pacific Wealth Advisors LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,279 shares of the technology company's stock, valued at approximately $254,000.

Several other institutional investors have also made changes to their positions 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 worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC increased its position 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 acquiring an additional 191 shares during the period. New Millennium Group LLC boosted its holdings in Arista Networks by 300.0% in 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. Quarry LP increased its stake in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares during the period. Finally, Dunhill Financial LLC increased its holdings in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Needham & Company LLC assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating on the stock. Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler reissued a "neutral" rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Wedbush assumed coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued an "outperform" rating for the company. Finally, JPMorgan Chase & Co. lowered their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $107.47.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares of the company's stock, valued at $512,305.20. This represents a 16.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,101,013.60. The trade was a 86.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 177,690 shares of company stock valued at $15,442,765. Company insiders own 3.39% of the company's stock.

Arista Networks Stock Performance

NYSE:ANET traded up $4.76 on Tuesday, reaching $94.54. The company's stock had a trading volume of 12,106,740 shares, compared to its average volume of 9,043,536. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The business's 50-day moving average price is $82.05 and its two-hundred day moving average price is $96.56. The firm has a market cap of $118.73 billion, a PE ratio of 42.59, a PEG 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 the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the business posted $0.50 EPS. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has approved a stock buyback program 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 stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is 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.