Bank OZK Acquires 3,485 Shares of Arista Networks, Inc. $ANET

Key Points

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Bank OZK grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 9.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 38,566 shares of the technology company's stock after buying an additional 3,485 shares during the quarter. Arista Networks accounts for about 1.2% of Bank OZK's investment portfolio, making the stock its 20th biggest position. Bank OZK's holdings in Arista Networks were worth $2,988,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. DSG Capital Advisors LLC bought a new position in Arista Networks in the fourth quarter worth approximately $5,984,000. Ibex Wealth Advisors grew its position in shares of Arista Networks by 14.4% during the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock worth $4,501,000 after buying an additional 7,329 shares in the last quarter. Sowell Financial Services LLC bought a new position in shares of Arista Networks during the 1st quarter worth $629,000. Commonwealth Equity Services LLC grew its position in shares of Arista Networks by 19.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 613,309 shares of the technology company's stock worth $47,519,000 after buying an additional 101,162 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in shares of Arista Networks during the 1st quarter worth $15,227,000. Institutional investors own 82.47% of the company's stock.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 192,979 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $139.67, for a total value of $26,953,376.93. Following the completion of the sale, the chief executive officer owned 5,623,721 shares of the company's stock, valued at $785,465,112.07. This trade represents a 3.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $117.01, for a total value of $936,080.00. Following the completion of the sale, the director directly owned 57,784 shares of the company's stock, valued at $6,761,305.84. The trade was a 12.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,767,742 shares of company stock valued at $714,048,068 in the last quarter. 3.39% of the stock is currently owned by corporate insiders.

Arista Networks Price Performance

Arista Networks stock opened at $137.99 on Tuesday. The stock has a market capitalization of $173.43 billion, a price-to-earnings ratio of 54.27, a PEG ratio of 3.23 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $141.99. The business has a fifty day moving average price of $110.80 and a 200-day moving average price of $96.15.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. The firm had revenue of $2.20 billion during the quarter, compared to analysts' expectations of $2.11 billion. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%. The business's quarterly revenue was up 30.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 EPS. On average, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a share buyback program on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Redburn Atlantic assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target on the stock. KGI Securities downgraded Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Piper Sandler increased their price target on Arista Networks from $89.00 to $143.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Morgan Stanley increased their price target on Arista Networks from $120.00 to $125.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Finally, BNP Paribas cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.07.

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.

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