Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Fiera Capital Corp

Key Points

• Fiera Capital Corp increased its stake in Arista Networks by 351.2%, acquiring an additional 540,472 shares during the first quarter, bringing its total ownership to approximately $53.8 million.
• Arista Networks reported a 27.6% year-over-year revenue growth in its latest quarter, with earnings per share (EPS) of $0.65 surpassing analyst estimates.
• The company's Board of Directors authorized a $1.5 billion share repurchase plan, reflecting confidence in the stock's valuation.

Fiera Capital Corp increased its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 351.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 694,362 shares of the technology company's stock after acquiring an additional 540,472 shares during the quarter. Fiera Capital Corp owned approximately 0.06% of Arista Networks worth $53,799,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Viawealth LLC lifted its stake in shares of Arista Networks by 4.3% in the first quarter. Viawealth LLC now owns 12,525 shares of the technology company's stock worth $970,000 after acquiring an additional 515 shares in the last quarter. Fielder Capital Group LLC lifted its stake in shares of Arista Networks by 32.5% in the first quarter. Fielder Capital Group LLC now owns 6,448 shares of the technology company's stock worth $500,000 after acquiring an additional 1,581 shares in the last quarter. Foundations Investment Advisors LLC lifted its stake in shares of Arista Networks by 3.7% in the first quarter. Foundations Investment Advisors LLC now owns 7,059 shares of the technology company's stock worth $547,000 after acquiring an additional 249 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Arista Networks by 15.6% in the first quarter. Mackenzie Financial Corp now owns 214,836 shares of the technology company's stock worth $16,645,000 after acquiring an additional 29,044 shares in the last quarter. Finally, Prosperity Consulting Group LLC lifted its stake in shares of Arista Networks by 21.3% in the first quarter. Prosperity Consulting Group LLC now owns 11,702 shares of the technology company's stock worth $907,000 after acquiring an additional 2,051 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Price Performance

Shares of ANET stock opened at $117.53 on Tuesday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.57. The firm has a market capitalization of $147.61 billion, a price-to-earnings ratio of 49.75, a price-to-earnings-growth ratio of 3.32 and a beta of 1.40. The business has a 50 day simple moving average of $99.28 and a 200 day simple moving average of $94.67.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a share 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

ANET has been the topic of several recent analyst reports. Piper Sandler reiterated a "neutral" rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Evercore ISI upped their price objective on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. BNP Paribas Exane cut Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research note on Wednesday, June 11th. Rosenblatt Securities upped their price objective on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Finally, Erste Group Bank upgraded Arista Networks from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $111.40.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Tuesday, May 6th. The stock was 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 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the transaction, the director directly owned 65,784 shares of the company's stock, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,177,878 shares of company stock valued at $119,281,861. 3.54% 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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