Assenagon Asset Management S.A. Raises Position in Arista Networks, Inc. (NYSE:ANET)

Assenagon Asset Management S.A. boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 442.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,800,255 shares of the technology company's stock after buying an additional 1,468,383 shares during the quarter. Assenagon Asset Management S.A. owned 0.14% of Arista Networks worth $139,484,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ANET. Brighton Jones LLC raised its holdings in shares of Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after buying an additional 5,955 shares during the period. Revolve Wealth Partners LLC purchased a new stake in Arista Networks during the fourth quarter worth about $202,000. Kingsview Wealth Management LLC lifted its position in shares of Arista Networks by 345.5% during the fourth quarter. Kingsview Wealth Management LLC now owns 18,572 shares of the technology company's stock worth $2,053,000 after purchasing an additional 14,403 shares in the last quarter. Stephens Inc. AR boosted its stake in shares of Arista Networks by 318.1% in the fourth quarter. Stephens Inc. AR now owns 11,503 shares of the technology company's stock valued at $1,271,000 after purchasing an additional 8,752 shares during the period. Finally, Savant Capital LLC grew its holdings in shares of Arista Networks by 308.4% in the fourth quarter. Savant Capital LLC now owns 64,642 shares of the technology company's stock valued at $7,145,000 after purchasing an additional 48,814 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. 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 dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the sale, the director now owns 123,784 shares of the company's stock, valued at $10,915,273.12. This trade represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock valued at $9,360,205 in the last ninety days. 3.39% of the stock is currently owned by company insiders.

Arista Networks Stock Performance

NYSE ANET traded down $3.49 during trading hours on Friday, hitting $92.28. The company had a trading volume of 6,205,708 shares, compared to its average volume of 9,067,729. The business has a 50 day moving average of $85.36 and a 200-day moving average of $96.45. The company has a market cap of $115.89 billion, a PE ratio of 41.57, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

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

Arista Networks announced that its board has approved a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

ANET has been the subject of several research reports. The Goldman Sachs Group dropped their price target on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Citigroup increased their price target on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Piper Sandler reissued a "neutral" rating and set a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and upped their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Finally, Barclays decreased their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and a consensus target price of $107.38.

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.