6,222 Shares in Arista Networks, Inc. (NYSE:ANET) Bought by Park Capital Management LLC WI

Park Capital Management LLC WI purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,222 shares of the technology company's stock, valued at approximately $482,000.

A number of other large investors have also recently bought and sold shares of ANET. Vanguard Group Inc. boosted its holdings in shares of Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after acquiring an additional 72,311,318 shares in the last quarter. FMR LLC boosted its holdings in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after acquiring an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in shares of Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after acquiring an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Arista Networks by 311.6% in 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 acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $88.58, for a total transaction of $708,640.00. Following the transaction, the director now directly owns 131,784 shares of the company's stock, valued at $11,673,426.72. This trade represents a 5.72% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 161,690 shares of company stock valued at $14,525,085. Company insiders own 3.54% of the company's stock.

Arista Networks Price Performance

Shares of NYSE ANET opened at $86.18 on Monday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The company has a market capitalization of $108.23 billion, a PE ratio of 36.48, a price-to-earnings-growth ratio of 2.53 and a beta of 1.37. The firm's 50-day moving average is $87.52 and its two-hundred day moving average is $95.85.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. The business 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 company's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 earnings per share. On average, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

ANET has been the topic of several analyst reports. The Goldman Sachs Group lowered their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Wedbush initiated coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating for the company. Citigroup raised their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. reduced their price objective 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. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $108.20.

Arista Networks Company 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.

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