Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Andar Capital Management HK Ltd

Key Points

• Andar Capital Management HK Ltd increased its stake in Arista Networks by 16.8%, acquiring an additional 8,200 shares, making it the firm's 4th largest position.
• Arista Networks recently reported earnings of $0.65 per share, exceeding estimates, with revenues of $2 billion, up 27.6% year-over-year.
• Multiple institutional investors, including FMR LLC and Cresset Asset Management, significantly increased their holdings in Arista Networks during the fourth quarter.

Andar Capital Management HK Ltd increased its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 16.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 57,000 shares of the technology company's stock after buying an additional 8,200 shares during the quarter. Arista Networks accounts for approximately 8.5% of Andar Capital Management HK Ltd's portfolio, making the stock its 4th largest holding. Andar Capital Management HK Ltd's holdings in Arista Networks were worth $4,416,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP lifted its position in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC increased its stake in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after acquiring an additional 212 shares during the last quarter. McIlrath & Eck LLC bought a new position in Arista Networks in the fourth quarter valued at $35,000. Aster Capital Management DIFC Ltd bought a new position in shares of Arista Networks during the fourth quarter valued at about $37,000. Finally, HighMark Wealth Management LLC grew its stake 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 valued at $28,000 after buying an additional 230 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Trading Down 4.6%

Shares of NYSE ANET traded down $5.66 during mid-day trading on Friday, reaching $117.56. The company had a trading volume of 11,553,581 shares, compared to its average volume of 8,253,870. The business's 50-day moving average is $101.48 and its 200-day moving average is $94.98. The stock has a market cap of $147.65 billion, a price-to-earnings ratio of 49.76, a price-to-earnings-growth ratio of 3.42 and a beta of 1.37. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.57.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the firm earned $0.50 earnings per share. The company's quarterly revenue was up 27.6% on a year-over-year basis. As a group, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has authorized a stock repurchase plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction on 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 transaction, the senior vice president owned 12,976 shares of the company's stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the transaction, the chief executive officer owned 30,000 shares of the company's stock, valued at $3,072,900. The trade was a 96.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,635,562 shares of company stock valued at $291,955,743. Corporate insiders own 3.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ANET shares. Redburn Atlantic started coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. KeyCorp assumed coverage on Arista Networks in a research note on Thursday, June 26th. They issued an "overweight" rating and a $115.00 price target for the company. BNP Paribas Exane downgraded shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price for the company. in a research report on Wednesday, June 11th. Wedbush began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating for the company. Finally, 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. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average price target of $114.00.

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.