Arista Networks, Inc. (NYSE:ANET) Position Boosted by Smith Group Asset Management LLC

Smith Group Asset Management LLC increased its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 19.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 354,493 shares of the technology company's stock after buying an additional 58,297 shares during the quarter. Arista Networks comprises approximately 2.1% of Smith Group Asset Management LLC's holdings, making the stock its 19th largest position. Smith Group Asset Management LLC's holdings in Arista Networks were worth $27,466,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. HighMark Wealth Management LLC raised its position in 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 period. Quarry LP boosted its holdings in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares during the period. Dunhill Financial LLC boosted its holdings in Arista Networks by 415.7% during 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 period. McIlrath & Eck LLC bought a new stake in Arista Networks during the fourth quarter valued at about $35,000. Finally, Tradewinds Capital Management LLC lifted its stake in shares of Arista Networks by 45.8% in the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock valued at $35,000 after buying an additional 143 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Up 3.1%

Shares of NYSE ANET opened at $102.52 on Tuesday. The company has a market capitalization of $128.76 billion, a PE ratio of 43.39, a P/E/G ratio of 2.90 and a beta of 1.37. The firm has a fifty day simple moving average of $90.69 and a 200 day simple moving average of $95.44. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results 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 business had revenue of $2 billion for 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% compared to the same quarter last year. During the same period in the previous year, the company earned $0.50 earnings per share. As a group, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ANET. Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target for the company. Piper Sandler reissued a "neutral" rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. BNP Paribas Exane cut shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a research report on Wednesday, June 11th. JPMorgan Chase & Co. reduced their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $109.33.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value 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. The trade was a 86.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 104,707 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $102.03, for a total transaction of $10,683,255.21. Following the completion of the transaction, the chief executive officer directly owned 38,776 shares of the company's stock, valued at approximately $3,956,315.28. This represents a 72.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold 271,472 shares of company stock worth $25,921,982 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

About Arista Networks

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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