Arista Networks, Inc. (NYSE:ANET) Shares Bought by Sendero Wealth Management LLC

Sendero Wealth Management LLC boosted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 31.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 148,993 shares of the technology company's stock after buying an additional 35,752 shares during the quarter. Arista Networks accounts for approximately 1.6% of Sendero Wealth Management LLC's investment portfolio, making the stock its 13th largest position. Sendero Wealth Management LLC's holdings in Arista Networks were worth $11,544,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of ANET. Contravisory Investment Management Inc. boosted its stake in shares of Arista Networks by 28.4% during the first quarter. Contravisory Investment Management Inc. now owns 12,897 shares of the technology company's stock valued at $999,000 after purchasing an additional 2,849 shares during the period. Peak Financial Advisors LLC boosted its stake in shares of Arista Networks by 1.4% during the first quarter. Peak Financial Advisors LLC now owns 28,880 shares of the technology company's stock valued at $2,238,000 after purchasing an additional 396 shares during the period. TrueWealth Advisors LLC boosted its stake in shares of Arista Networks by 6.3% during the first quarter. TrueWealth Advisors LLC now owns 5,638 shares of the technology company's stock valued at $437,000 after purchasing an additional 336 shares during the period. Bremer Bank National Association purchased a new stake in shares of Arista Networks during the first quarter valued at $7,492,000. Finally, CGN Advisors LLC boosted its stake in shares of Arista Networks by 10.4% during the first quarter. CGN Advisors LLC now owns 26,002 shares of the technology company's stock valued at $2,015,000 after purchasing an additional 2,454 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Tuesday, May 6th. The stock was 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 now directly owns 12,976 shares in the company, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,690 shares of company stock valued at $9,360,205 in the last three months. 3.39% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ANET. JPMorgan Chase & Co. lowered their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. The Goldman Sachs Group reduced their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Piper Sandler restated a "neutral" rating and set a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Evercore ISI dropped their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Finally, KGI Securities lowered Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $107.47.

Arista Networks Price Performance

NYSE ANET traded up $2.11 during mid-day trading on Friday, hitting $97.29. The stock had a trading volume of 6,620,137 shares, compared to its average volume of 9,072,657. The firm's 50 day moving average is $83.43 and its 200 day moving average is $96.57. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock has a market capitalization of $122.19 billion, a price-to-earnings ratio of 43.82, a PEG ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data 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 return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the company earned $0.50 EPS. The firm's revenue was up 27.6% compared to the same quarter last year. As a group, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback 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.