Arista Networks, Inc. (NYSE:ANET) Shares Acquired by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 16.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,046 shares of the technology company's stock after purchasing an additional 3,213 shares during the period. HBK Sorce Advisory LLC's holdings in Arista Networks were worth $1,786,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP increased its holdings in shares of Arista Networks by 381.5% in the 4th 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 last quarter. Dunhill Financial LLC boosted its holdings 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 purchasing an additional 212 shares in the last quarter. McIlrath & Eck LLC purchased a new position in Arista Networks in the fourth quarter valued at approximately $35,000. Aster Capital Management DIFC Ltd purchased a new position in Arista Networks in the fourth quarter valued at approximately $37,000. Finally, West Paces Advisors Inc. raised its holdings in Arista Networks by 214.5% during the fourth quarter. West Paces Advisors Inc. now owns 368 shares of the technology company's stock worth $41,000 after purchasing an additional 251 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Trading Up 1.4%

NYSE:ANET opened at $96.29 on Thursday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The stock's 50 day simple moving average is $88.81 and its 200-day simple moving average is $95.73. The firm has a market cap of $120.93 billion, a P/E ratio of 40.76, a PEG ratio of 2.79 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the previous year, the company posted $0.50 EPS. Arista Networks's revenue was up 27.6% compared to the same quarter last year. Research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on ANET shares. Wedbush assumed coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating for the company. Needham & Company LLC began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating for the company. Rosenblatt Securities upped their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. cut their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and an average price target of $108.87.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company'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 sale, the director now owns 139,784 shares of the company's stock, valued at $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock valued at $14,525,085 in the last three months. 3.39% of the stock is currently owned by company 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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