AE Wealth Management LLC Has $2.02 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Key Points

• AE Wealth Management LLC increased its stake in Arista Networks, Inc. by 67.0%, owning a total of 26,035 shares worth approximately $2.02 million as of the latest SEC filing.
• Analysts have mixed ratings on ANET, with 15 buy ratings and a target price averaging $111.40, indicating a generally positive outlook for the stock.
• Arista Networks reported $2 billion in revenue for the last quarter, surpassing estimates, and announced a stock buyback plan worth $1.50 billion, reflecting confidence in the company's valuation.

AE Wealth Management LLC increased its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 67.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,035 shares of the technology company's stock after buying an additional 10,444 shares during the quarter. AE Wealth Management LLC's holdings in Arista Networks were worth $2,017,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Quarry LP grew its stake in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the last quarter. Dunhill Financial LLC grew its position in shares of 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 last quarter. McIlrath & Eck LLC acquired a new stake in shares of Arista Networks in the fourth quarter valued at about $35,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Arista Networks in the fourth quarter valued at about $37,000. Finally, HighMark Wealth Management LLC raised its position in shares of Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after acquiring an additional 230 shares during the last quarter. Institutional investors own 82.47% of the company's stock.

Analyst Ratings Changes

ANET has been the topic of several analyst reports. Wedbush assumed coverage on Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating on the stock. Piper Sandler reaffirmed 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. Morgan Stanley lifted their target price on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Barclays dropped their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Redburn Atlantic assumed coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $111.40.

Arista Networks Stock Up 0.3%

Shares of ANET opened at $114.37 on Friday. The business's fifty day moving average is $98.86 and its 200 day moving average is $94.80. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.57. The stock has a market cap of $143.64 billion, a P/E ratio of 48.41, a P/E/G ratio of 3.32 and a beta of 1.40.

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, topping the consensus estimate of $0.59 by $0.06. The firm 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 business's revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.50 earnings per share. On average, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares of the company's stock, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the 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 sale, the senior vice president directly owned 12,976 shares of the company's stock, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,177,878 shares of company stock valued at $119,281,861. 3.39% of the stock is owned by corporate insiders.

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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