Carnegie Investment Counsel boosted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 281.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 155,456 shares of the technology company's stock after purchasing an additional 114,742 shares during the quarter. Carnegie Investment Counsel's holdings in Arista Networks were worth $12,045,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of ANET. Brighton Jones LLC increased its stake in Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in Arista Networks during the fourth quarter worth about $202,000. Bank Pictet & Cie Europe AG increased its stake in Arista Networks by 433.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after acquiring an additional 8,822 shares during the last quarter. FineMark National Bank & Trust increased its stake in Arista Networks by 300.0% during the fourth quarter. FineMark National Bank & Trust now owns 12,120 shares of the technology company's stock worth $1,340,000 after acquiring an additional 9,090 shares during the last quarter. Finally, TIAA Trust National Association increased its stake in Arista Networks by 302.5% during the fourth quarter. TIAA Trust National Association now owns 168,064 shares of the technology company's stock worth $18,576,000 after acquiring an additional 126,309 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's 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 completion of the sale, the director owned 65,784 shares in the company, valued at $6,536,298.24. This represents a 10.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the sale, the senior vice president owned 12,976 shares of the company's stock, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,177,878 shares of company stock worth $119,281,861 in the last quarter. Insiders own 3.39% of the company's stock.
Arista Networks Stock Performance
NYSE ANET traded up $0.33 during trading on Friday, reaching $114.37. 4,866,258 shares of the company traded hands, compared to its average volume of 8,009,131. The stock's 50 day moving average price is $98.86 and its two-hundred day moving average price is $94.80. The company has a market cap of $143.64 billion, a price-to-earnings ratio of 48.41, a P/E/G ratio of 3.32 and a beta of 1.40. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.57.
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, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks's revenue was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 EPS. Equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.
Arista Networks announced that its board has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on ANET shares. BNP Paribas Exane lowered Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price for the company. in a research note on Wednesday, June 11th. Erste Group Bank upgraded Arista Networks from a "hold" rating to a "buy" rating in a research report on Wednesday. Morgan Stanley raised their target price on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Finally, KeyCorp started coverage on Arista Networks in a research 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 fifteen have given a buy rating to the stock. According to MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and a consensus target price of $111.40.
View Our Latest Stock Report on Arista Networks
Arista Networks Profile
(
Free Report)
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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