Cavalier Investments LLC Invests $1.16 Million in Arista Networks, Inc. (NYSE:ANET)

Cavalier Investments LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 14,928 shares of the technology company's stock, valued at approximately $1,157,000.

Several other institutional investors have also modified their holdings of the stock. Weaver Capital Management LLC boosted its stake in Arista Networks by 0.8% in the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock valued at $1,662,000 after acquiring an additional 162 shares in the last quarter. First American Bank boosted its position in shares of Arista Networks by 1.1% in the 1st quarter. First American Bank now owns 14,478 shares of the technology company's stock valued at $1,122,000 after purchasing an additional 164 shares during the period. ORG Partners LLC grew its stake in Arista Networks by 43.8% during the 1st quarter. ORG Partners LLC now owns 575 shares of the technology company's stock worth $45,000 after buying an additional 175 shares during the last quarter. RMR Wealth Builders increased its position in Arista Networks by 0.6% during the first quarter. RMR Wealth Builders now owns 30,642 shares of the technology company's stock worth $2,374,000 after buying an additional 180 shares during the period. Finally, Fragasso Financial Advisors Inc lifted its stake in Arista Networks by 4.4% in the first quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company's stock valued at $360,000 after buying an additional 196 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Redburn Atlantic started coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective on the stock. Piper Sandler reaffirmed a "neutral" rating and set a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a research note on Wednesday, June 11th. Citigroup increased their price target on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Finally, KGI Securities cut shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, Arista Networks presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.33.

Arista Networks Price Performance

Shares of ANET opened at $101.71 on Friday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The stock has a market cap of $127.74 billion, a price-to-earnings ratio of 43.05, a price-to-earnings-growth ratio of 2.82 and a beta of 1.37. The firm has a 50 day simple moving average of $89.42 and a 200-day simple moving average of $95.70.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating 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 business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the company earned $0.50 earnings per share. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. On average, equities 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 initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,766,900.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,196,776.48. The trade was a 69.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the transaction, the director now owns 139,784 shares in the company, valued at $10,840,249.20. The trade was a 5.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 161,690 shares of company stock valued at $14,525,085. Insiders own 3.39% of the company's stock.

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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