Parcion Private Wealth LLC Increases Holdings in Arista Networks, Inc. (NYSE:ANET)

Parcion Private Wealth LLC raised its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 78.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,196 shares of the technology company's stock after acquiring an additional 4,052 shares during the quarter. Parcion Private Wealth LLC's holdings in Arista Networks were worth $713,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP boosted its holdings in shares of Arista Networks by 381.5% during the 4th 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 holdings in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares during the period. McIlrath & Eck LLC acquired a new position in shares of Arista Networks in the 4th quarter valued at approximately $35,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Arista Networks during the 4th quarter worth approximately $37,000. Finally, HighMark Wealth Management LLC boosted its position in shares of Arista Networks by 179.7% during the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after acquiring an additional 230 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the business'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 transaction, the senior vice president directly owned 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction on 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 sale, the chief executive officer owned 30,000 shares in the company, valued at $3,072,900. This trade represents a 96.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,123,370 shares of company stock worth $113,157,408. Corporate insiders own 3.39% of the company's stock.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $3.95 during trading hours on Thursday, reaching $112.25. The company's stock had a trading volume of 6,262,526 shares, compared to its average volume of 9,177,319. The stock's fifty day simple moving average is $96.18 and its two-hundred day simple moving average is $94.99. The company has a market capitalization of $140.98 billion, a P/E ratio of 47.53, a P/E/G ratio of 3.13 and a beta of 1.40. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58.

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, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the company posted $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ANET. Redburn Atlantic assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price for the company. JPMorgan Chase & Co. raised their price objective on Arista Networks from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday. Piper Sandler reissued a "neutral" rating and set a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Evercore ISI upped their price objective on shares of 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 reduced their price target on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $111.40.

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.