67,528 Shares in Arista Networks, Inc. (NYSE:ANET) Bought by Cache Advisors LLC

Cache Advisors LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 67,528 shares of the technology company's stock, valued at approximately $7,464,000. Arista Networks accounts for about 2.8% of Cache Advisors LLC's investment portfolio, making the stock its 11th largest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Stock Yards Bank & Trust Co. acquired a new stake in shares of Arista Networks during the fourth quarter worth $242,000. GHE LLC grew its holdings in shares of Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after buying an additional 21,597 shares in the last quarter. Colonial River Investments LLC grew its holdings in shares of Arista Networks by 327.6% during the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after buying an additional 7,466 shares in the last quarter. Unified Investment Management purchased a new position in shares of Arista Networks during the fourth quarter valued at $630,000. Finally, Berkshire Capital Holdings Inc. grew its holdings in shares of Arista Networks by 257.6% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after buying an additional 55,430 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Up 1.4%

Shares of NYSE:ANET traded up $1.30 on Tuesday, reaching $92.50. The company had a trading volume of 7,880,952 shares, compared to its average volume of 8,981,876. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock has a 50-day moving average price of $81.54 and a 200 day moving average price of $96.84. The stock has a market capitalization of $116.17 billion, a P/E ratio of 41.67, a P/E/G ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the firm earned $0.50 earnings per share. The business's quarterly revenue was up 27.6% compared to the same quarter last year. On average, sell-side analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its board has authorized a share buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group lowered their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Piper Sandler reiterated a "neutral" rating and set a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Rosenblatt Securities lifted their price target on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $130.00 price target on shares of Arista Networks in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $107.14.

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction on Tuesday, April 22nd. The stock was 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. This trade represents a 16.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,101,013.60. This trade represents a 86.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,971 shares of company stock worth $22,431,724. Company insiders own 3.39% of the company's stock.

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.