AIA Group Ltd Has $18.61 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Key Points

• AIA Group Ltd increased its holdings in Arista Networks by 535.3% in the first quarter, owning a total of 240,242 shares valued at approximately $18.6 million.
• Arista Networks reported earnings of $0.73 EPS for the quarter, exceeding estimates, with a 30.4% year-over-year revenue growth, bringing total revenue to $2.20 billion.
• Insider trading saw significant activity, with CEO Jayshree Ullal selling over 1.78 million shares, reflecting a 23.86% decrease in her holdings.

AIA Group Ltd increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 535.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 240,242 shares of the technology company's stock after buying an additional 202,428 shares during the period. AIA Group Ltd's holdings in Arista Networks were worth $18,614,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Clearstead Trust LLC raised its position in Arista Networks by 5.1% in the 1st quarter. Clearstead Trust LLC now owns 2,455 shares of the technology company's stock valued at $190,000 after purchasing an additional 119 shares in the last quarter. Pier 88 Investment Partners LLC increased its holdings in shares of Arista Networks by 1.5% in the 1st quarter. Pier 88 Investment Partners LLC now owns 7,960 shares of the technology company's stock valued at $617,000 after acquiring an additional 120 shares during the last quarter. Optimum Investment Advisors increased its holdings in shares of Arista Networks by 31.3% in the 1st quarter. Optimum Investment Advisors now owns 525 shares of the technology company's stock valued at $41,000 after acquiring an additional 125 shares during the last quarter. PFG Advisors increased its holdings in shares of Arista Networks by 2.7% in the 1st quarter. PFG Advisors now owns 5,061 shares of the technology company's stock valued at $392,000 after acquiring an additional 131 shares during the last quarter. Finally, Harbour Investments Inc. increased its holdings in shares of Arista Networks by 9.4% in the 1st quarter. Harbour Investments Inc. now owns 1,624 shares of the technology company's stock valued at $126,000 after acquiring an additional 139 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Price Performance

ANET traded down $3.38 on Wednesday, reaching $137.87. The company's stock had a trading volume of 9,173,609 shares, compared to its average volume of 10,647,648. The stock has a market cap of $173.28 billion, a price-to-earnings ratio of 54.23, a price-to-earnings-growth ratio of 3.27 and a beta of 1.37. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $141.99. The business's 50 day moving average is $107.49 and its 200 day moving average is $95.44.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.08. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%. The firm had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.11 billion. During the same quarter in the prior year, the firm posted $0.53 earnings per share. Arista Networks's revenue for the quarter was up 30.4% compared to the same quarter last year. As a group, research analysts forecast 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 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 Ratings Changes

ANET has been the topic of a number of recent analyst reports. KGI Securities downgraded Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Rosenblatt Securities lifted their target price on Arista Networks from $106.00 to $125.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Piper Sandler lifted their target price on Arista Networks from $89.00 to $143.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Redburn Atlantic assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price on the stock. Finally, Wedbush started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating on the stock. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $138.07.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $117.01, for a total transaction of $936,080.00. Following the sale, the director directly owned 57,784 shares in the company, valued at approximately $6,761,305.84. This represents a 12.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 864 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $114.68, for a total value of $99,083.52. Following the sale, the director owned 7,460 shares in the company, valued at $855,512.80. The trade was a 10.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,767,742 shares of company stock worth $714,048,068. 3.54% of the stock is currently owned by company 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.