Amalgamated Bank Acquires 3,175 Shares of Arista Networks, Inc. (NYSE:ANET)

Amalgamated Bank grew its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 1.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 229,639 shares of the technology company's stock after acquiring an additional 3,175 shares during the period. Amalgamated Bank's holdings in Arista Networks were worth $17,792,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in ANET. Vanguard Group Inc. boosted its holdings in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the period. FMR LLC boosted its holdings in shares of Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC boosted its holdings in shares of Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after buying an additional 20,059,303 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after buying an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after buying an additional 14,454,822 shares during the period. 82.47% of the stock is owned by institutional investors.

Arista Networks Stock Performance

Shares of ANET stock opened at $99.37 on Monday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The stock has a market cap of $124.81 billion, a price-to-earnings ratio of 42.06, a P/E/G ratio of 2.90 and a beta of 1.37. The firm has a fifty day moving average of $89.99 and a 200-day moving average of $95.50.

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

Arista Networks announced that its board has authorized a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently issued reports on ANET. Morgan Stanley upped their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Evercore ISI upped their price objective on shares of Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Citigroup increased their price target on shares of Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Finally, Piper Sandler reissued a "neutral" rating and issued a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $109.33.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock worth $14,525,085 in the last quarter. 3.39% of the stock is owned by corporate insiders.

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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