Czech National Bank Buys 13,289 Shares of Arista Networks, Inc. (NYSE:ANET)

Czech National Bank boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 5.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,265 shares of the technology company's stock after buying an additional 13,289 shares during the period. Czech National Bank's holdings in Arista Networks were worth $18,383,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ANET. Caitlin John LLC lifted its position in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in shares of Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after acquiring an additional 191 shares during the period. Quarry LP boosted its stake 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 purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC grew its holdings in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Finally, Hemington Wealth Management increased its position in shares of Arista Networks by 409.7% during the 4th quarter. Hemington Wealth Management now owns 316 shares of the technology company's stock worth $34,000 after purchasing an additional 254 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Needham & Company LLC started coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating on the stock. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Piper Sandler reissued a "neutral" rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Finally, Evercore ISI lowered their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $107.47.

Insider Activity at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. The trade was a 16.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the sale, the director now owns 123,784 shares in the company, valued at $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is currently owned by company insiders.

Arista Networks Price Performance

Shares of NYSE ANET traded up $0.17 during mid-day trading on Thursday, hitting $95.11. The company's stock had a trading volume of 7,929,264 shares, compared to its average volume of 9,058,966. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company's fifty day simple moving average is $83.05 and its 200-day simple moving average is $96.55. The stock has a market cap of $119.45 billion, a price-to-earnings ratio of 42.84, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (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 analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm's revenue was up 27.6% on a year-over-year basis. During the same period last year, the company earned $0.50 EPS. On average, sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has initiated a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.