Arista Networks, Inc. (NYSE:ANET) Stock Position Raised by Earned Wealth Advisors LLC

Key Points

• Earned Wealth Advisors LLC increased its stake in Arista Networks by 125.0%, owning 4,702 shares valued at approximately $364,000 after acquiring 2,612 additional shares in Q1.
• Several institutional investors, including FMR LLC and Nuveen Asset Management LLC, also significantly raised their positions in Arista Networks during the fourth quarter, showing strong interest in the stock.
• Arista Networks recently announced a $1.50 billion share repurchase plan, indicating that the company's management believes its stock is undervalued, which is typically viewed as a positive signal by investors.

Earned Wealth Advisors LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 125.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,702 shares of the technology company's stock after acquiring an additional 2,612 shares during the period. Earned Wealth Advisors LLC's holdings in Arista Networks were worth $364,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. FMR LLC lifted its position in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC increased its stake in shares of Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after purchasing an additional 20,059,303 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of Arista Networks by 330.8% during the fourth quarter. Nuveen Asset Management LLC now owns 11,292,585 shares of the technology company's stock valued at $1,248,169,000 after buying an additional 8,671,235 shares during the last quarter. Invesco Ltd. boosted its position in shares of Arista Networks by 271.2% during the fourth quarter. Invesco Ltd. now owns 11,190,118 shares of the technology company's stock worth $1,236,844,000 after buying an additional 8,175,884 shares during the period. Finally, Northern Trust Corp grew its holdings in Arista Networks by 354.3% in the 4th quarter. Northern Trust Corp now owns 9,942,816 shares of the technology company's stock worth $1,098,979,000 after buying an additional 7,753,991 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the transaction, the director directly owned 65,784 shares in the company, valued at $6,536,298.24. This trade represents a 10.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the sale, the senior vice president owned 12,976 shares in the company, valued at $1,442,801.44. This represents a 69.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,635,562 shares of company stock worth $291,955,743 in the last quarter. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Performance

NYSE ANET opened at $117.56 on Monday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.57. The business's fifty day moving average is $101.48 and its two-hundred day moving average is $94.81. The stock has a market capitalization of $147.65 billion, a P/E ratio of 49.76, a P/E/G ratio of 3.42 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the previous year, the firm earned $0.50 earnings per share. Arista Networks's revenue for the quarter was up 27.6% compared to the same quarter last year. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on ANET shares. Evercore ISI lifted their target price on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Citigroup raised their price target on Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a report on Friday, July 11th. BNP Paribas Exane downgraded shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a report on Wednesday, June 11th. Redburn Atlantic initiated coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. Finally, Needham & Company LLC assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating on the stock. Six investment 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 stock has an average rating of "Moderate Buy" and a consensus price target of $114.00.

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.

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