Apollon Wealth Management LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 34.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 43,874 shares of the technology company's stock after buying an additional 11,219 shares during the quarter. Apollon Wealth Management LLC's holdings in Arista Networks were worth $3,399,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ANET. DSG Capital Advisors LLC acquired a new stake in Arista Networks in the 4th quarter valued at $5,984,000. Ibex Wealth Advisors boosted its stake in Arista Networks by 14.4% in the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after buying an additional 7,329 shares in the last quarter. Berkshire Capital Holdings Inc. boosted its stake in Arista Networks by 257.6% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after buying an additional 55,430 shares in the last quarter. Sowell Financial Services LLC acquired a new position in Arista Networks in the first quarter worth $629,000. Finally, Legal & General Group Plc boosted its stake in Arista Networks by 227.7% in the fourth quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company's stock worth $863,749,000 after purchasing an additional 5,429,857 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.
Wall Street Analysts Forecast Growth
ANET has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. The Goldman Sachs Group reduced their price objective on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Wedbush initiated coverage on Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating on the stock. Evercore ISI boosted their target price on Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Finally, Barclays dropped their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $111.40.
View Our Latest Report on Arista Networks
Arista Networks Stock Down 0.4%
NYSE ANET traded down $0.50 on Friday, reaching $111.48. The company had a trading volume of 2,015,532 shares, compared to its average volume of 10,668,064. The stock's 50 day moving average is $96.68 and its 200-day moving average is $94.99. The stock has a market cap of $140.01 billion, a price-to-earnings ratio of 47.19, a PEG ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.57.
Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (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 firm had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the previous year, the firm earned $0.50 earnings per share. The company's revenue was up 27.6% on a year-over-year basis. As a group, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.
Arista Networks announced that its board has approved 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 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.
Insider Buying and Selling at Arista Networks
In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the transaction, the chief executive officer directly owned 30,000 shares of the company's stock, valued at approximately $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the business'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 completion of the transaction, the senior vice president directly owned 12,976 shares of the company's stock, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,123,370 shares of company stock valued at $113,157,408. Company insiders own 3.39% of the company's stock.
About Arista Networks
(
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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