Arista Networks, Inc. (NYSE:ANET) Shares Bought by Townsquare Capital LLC

Townsquare Capital LLC lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 14.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,269 shares of the technology company's stock after purchasing an additional 5,193 shares during the quarter. Townsquare Capital LLC's holdings in Arista Networks were worth $3,120,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ANET. HighMark Wealth Management LLC lifted its position in shares of Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Quarry LP increased its stake in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares during the period. Dunhill Financial LLC increased its stake in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares during the period. Cloud Capital Management LLC purchased a new stake in shares of Arista Networks during the first quarter worth approximately $30,000. Finally, McIlrath & Eck LLC purchased a new stake in shares of Arista Networks during the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Barclays restated an "overweight" rating and set a $151.00 target price (up from $119.00) on shares of Arista Networks in a research note on Thursday. Evercore ISI set a $150.00 price target on shares of Arista Networks and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Needham & Company LLC increased their price target on shares of Arista Networks from $130.00 to $155.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a research note on Wednesday, June 11th. Finally, Piper Sandler increased their price target on shares of Arista Networks from $89.00 to $143.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, Arista Networks has an average rating of "Moderate Buy" and a consensus price target of $138.07.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $117.01, for a total value of $936,080.00. Following the completion of the transaction, the director owned 57,784 shares in the company, valued at $6,761,305.84. This trade represents a 12.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 345,856 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $139.93, for a total value of $48,395,630.08. Following the completion of the transaction, the chief executive officer owned 5,650,346 shares of the company's stock, valued at approximately $790,652,915.78. This represents a 5.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,574,763 shares of company stock worth $687,094,691 in the last ninety days. 3.54% of the stock is owned by insiders.

Arista Networks Stock Performance

Arista Networks stock opened at $137.65 on Tuesday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $141.75. The business has a fifty day moving average of $106.56 and a two-hundred day moving average of $95.12. The company has a market cap of $173.01 billion, a P/E ratio of 54.14, a price-to-earnings-growth ratio of 3.47 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.65 by $0.08. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same quarter last year, the company earned $0.53 earnings per share. Arista Networks's quarterly revenue was up 30.4% compared to the same quarter last year. Sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has authorized a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

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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