Advisor Resource Council Makes New Investment in Arista Networks, Inc. (NYSE:ANET)

Advisor Resource Council purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 25,569 shares of the technology company's stock, valued at approximately $1,981,000.

Several other large investors have also made changes to their positions in ANET. Capital Advisors Ltd. LLC lifted its stake in Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after acquiring an additional 191 shares during the last quarter. Quarry LP lifted its stake in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares during the last quarter. Dunhill Financial LLC boosted its holdings in Arista Networks by 415.7% in the fourth 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 boosted its holdings in Arista Networks by 300.0% in the fourth 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 acquired a new position in Arista Networks during the fourth quarter worth $35,000. Institutional investors own 82.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ANET. KGI Securities cut Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Wedbush assumed coverage on Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating on the stock. Piper Sandler restated a "neutral" rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $108.20.

Insider Activity at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now directly owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 30,000 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,766,900.00. Following the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at approximately $1,196,776.48. The trade was a 69.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock valued at $14,525,085 over the last ninety days. 3.39% of the stock is owned by insiders.

Arista Networks Trading Down 4.5%

NYSE ANET opened at $86.18 on Friday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The company has a 50 day moving average of $87.52 and a 200-day moving average of $95.99. The firm has a market cap of $108.23 billion, a price-to-earnings ratio of 36.48, a PEG ratio of 2.65 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the company earned $0.50 EPS. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. On average, analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has approved a share buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its shares are 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.

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