DSG Capital Advisors LLC Takes $5.98 Million Position in Arista Networks, Inc. (NYSE:ANET)

DSG Capital Advisors LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 54,138 shares of the technology company's stock, valued at approximately $5,984,000. Arista Networks comprises approximately 1.1% of DSG Capital Advisors LLC's investment portfolio, making the stock its 27th biggest holding.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after buying an additional 72,311,318 shares during the period. FMR LLC raised its position in Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC lifted its stake in Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares during the period. Geode Capital Management LLC boosted its holdings in Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after purchasing an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares during the period. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Up 0.1%

Shares of ANET traded up $0.12 on Friday, reaching $86.49. 16,490,789 shares of the company's stock were exchanged, compared to its average volume of 9,029,731. The business has a 50 day moving average price of $81.89 and a two-hundred day moving average price of $96.59. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The stock has a market capitalization of $108.62 billion, a P/E ratio of 38.96, 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 results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm's revenue was up 27.6% on a year-over-year basis. During the same period last year, the company earned $0.50 EPS. Equities research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current 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 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 typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total value of $712,240.00. Following the sale, the director now directly owns 147,784 shares of the company's stock, valued at approximately $13,157,209.52. The trade was a 5.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 237,538 shares of company stock valued at $20,748,219 in the last ninety days. 3.54% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of recent analyst reports. Wedbush began coverage on shares of Arista Networks in a research report on Wednesday. They set an "outperform" rating for the company. The Goldman Sachs Group reduced their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Morgan Stanley raised their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Piper Sandler reiterated a "neutral" rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. decreased their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and an average price target of $107.47.

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.