Aigen Investment Management LP Has $1.12 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Aigen Investment Management LP decreased its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 33.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,448 shares of the technology company's stock after selling 7,156 shares during the period. Aigen Investment Management LP's holdings in Arista Networks were worth $1,119,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ANET. DSG Capital Advisors LLC bought a new position in shares of Arista Networks during the 4th quarter worth approximately $5,984,000. Ibex Wealth Advisors increased its holdings in Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock worth $4,501,000 after buying an additional 7,329 shares during the last quarter. Sowell Financial Services LLC purchased a new stake in Arista Networks during the first quarter worth about $629,000. Commonwealth Equity Services LLC increased its holdings in Arista Networks by 19.8% during the first quarter. Commonwealth Equity Services LLC now owns 613,309 shares of the technology company's stock worth $47,519,000 after buying an additional 101,162 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in Arista Networks during the first quarter worth about $15,227,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Analysts Set New Price Targets

ANET has been the subject of a number of research analyst reports. BNP Paribas Exane downgraded shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a report on Wednesday, June 11th. Citigroup raised their price objective on shares of Arista Networks from $123.00 to $136.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Redburn Atlantic started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. Piper Sandler lifted their target price on shares of Arista Networks from $89.00 to $143.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Finally, BNP Paribas downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $138.07.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $139.15 on Monday. The stock has a market cap of $174.89 billion, a price-to-earnings ratio of 54.73, a PEG ratio of 3.47 and a beta of 1.37. The firm's 50-day moving average is $105.60 and its 200 day moving average is $95.06. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $141.01.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The company had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.11 billion. During the same quarter in the previous year, the business posted $0.53 EPS. Arista Networks's revenue was up 30.4% compared to the same quarter last year. On average, equities analysts expect 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 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the completion of the sale, the senior vice president directly owned 12,976 shares in the company, valued at approximately $1,442,801.44. This trade represents a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jayshree Ullal sold 1,785,165 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the completion of the transaction, the chief executive officer owned 5,698,074 shares of the company's stock, valued at $776,191,640.28. This represents a 23.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,228,907 shares of company stock valued at $638,699,061 over the last ninety days. 3.54% of the stock is owned by 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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