Baker Avenue Asset Management LP Grows Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Baker Avenue Asset Management LP boosted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 25.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,765 shares of the technology company's stock after buying an additional 6,860 shares during the period. Baker Avenue Asset Management LP's holdings in Arista Networks were worth $2,616,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of ANET. Brighton Jones LLC grew its stake in 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 in the last quarter. Revolve Wealth Partners LLC purchased a new position in Arista Networks in the 4th quarter valued at approximately $202,000. Bank Pictet & Cie Europe AG boosted its holdings in Arista Networks by 433.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock valued at $1,200,000 after purchasing an additional 8,822 shares during the period. Summit Financial LLC grew its position in shares of Arista Networks by 322.3% during the 4th quarter. Summit Financial LLC now owns 4,704 shares of the technology company's stock valued at $520,000 after purchasing an additional 3,590 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Arista Networks by 345.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,329,652 shares of the technology company's stock valued at $146,966,000 after purchasing an additional 1,031,351 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

NYSE ANET opened at $117.56 on Friday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.57. The company has a market capitalization of $147.65 billion, a P/E ratio of 49.76, a P/E/G ratio of 3.58 and a beta of 1.37. The company has a fifty day moving average of $101.48 and a 200-day moving average of $95.12.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data 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 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 period in the previous year, the firm posted $0.50 EPS. The firm's revenue was up 27.6% compared to the same quarter last year. As a group, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has authorized a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

ANET has been the subject of a number of recent analyst reports. Citigroup boosted their price target on shares of Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research report on Friday, July 11th. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. KeyCorp initiated coverage on shares of Arista Networks in a research report on Thursday, June 26th. They set an "overweight" rating and a $115.00 price target for the company. Morgan Stanley boosted their price target on shares of Arista Networks from $100.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Piper Sandler restated a "neutral" rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $114.00.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on 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 sale, the director directly owned 65,784 shares of the company's stock, valued at $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 864 shares of the business's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $114.68, for a total transaction of $99,083.52. Following the completion of the sale, the director directly owned 7,460 shares of the company's stock, valued at $855,512.80. This represents a 10.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,635,562 shares of company stock valued at $291,955,743. Company insiders own 3.39% of the company's stock.

Arista Networks 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.

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