Arista Networks, Inc. (NYSE:ANET) Shares Acquired by US Bancorp DE

US Bancorp DE lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 3.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 174,831 shares of the technology company's stock after buying an additional 5,741 shares during the quarter. US Bancorp DE's holdings in Arista Networks were worth $13,546,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. HighMark Wealth Management LLC raised its stake in Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after purchasing an additional 230 shares during the last quarter. Quarry LP grew its holdings in 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 buying an additional 206 shares in the last quarter. Dunhill Financial LLC grew its holdings in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in Arista Networks in the 1st quarter valued at $30,000. Finally, McIlrath & Eck LLC purchased a new stake in Arista Networks in the 4th quarter valued at $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of ANET stock opened at $117.56 on Monday. The company has a 50-day moving average of $101.48 and a two-hundred day moving average of $94.81. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.57. The firm has a market cap of $147.65 billion, a PE ratio of 49.76, a price-to-earnings-growth ratio of 3.42 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the business posted $0.50 EPS. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. Sell-side 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 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 buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ANET shares. Wolfe Research started coverage on Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. BNP Paribas Exane cut Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price for the company. in a report on Wednesday, June 11th. Redburn Atlantic started coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. Evercore ISI upped their target price on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Finally, KeyCorp started coverage on Arista Networks in a report on Thursday, June 26th. They issued an "overweight" rating and a $115.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.00.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 748,444 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the transaction, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. This trade represents a 96.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 value of $7,205,600.00. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 2,635,562 shares of company stock valued at $291,955,743 over the last 90 days. 3.54% of the stock is currently owned by company insiders.

Arista Networks 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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