Citizens National Bank Trust Department Takes Position in Arista Networks, Inc. (NYSE:ANET)

Citizens National Bank Trust Department acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,350 shares of the technology company's stock, valued at approximately $337,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Root Financial Partners LLC increased its holdings in shares of Arista Networks by 78.7% during the first quarter. Root Financial Partners LLC now owns 3,507 shares of the technology company's stock valued at $272,000 after acquiring an additional 1,544 shares in the last quarter. Sovran Advisors LLC increased its holdings in shares of Arista Networks by 13.6% during the first quarter. Sovran Advisors LLC now owns 38,443 shares of the technology company's stock valued at $2,737,000 after acquiring an additional 4,604 shares in the last quarter. WJ Wealth Management LLC increased its holdings in shares of Arista Networks by 71.8% during the first quarter. WJ Wealth Management LLC now owns 7,404 shares of the technology company's stock valued at $574,000 after acquiring an additional 3,094 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Arista Networks by 1.0% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,458,173 shares of the technology company's stock valued at $190,459,000 after acquiring an additional 24,748 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its holdings in shares of Arista Networks by 564.6% during the first quarter. Golden State Wealth Management LLC now owns 4,732 shares of the technology company's stock valued at $367,000 after acquiring an additional 4,020 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Arista Networks Price Performance

Shares of ANET opened at $99.37 on Friday. The firm has a market cap of $124.81 billion, a PE ratio of 42.06, a PEG ratio of 2.91 and a beta of 1.37. The stock's fifty day moving average price is $89.99 and its two-hundred day moving average price is $95.58. 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 issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business's revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. Sell-side analysts anticipate 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 buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business's 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 sale, the director now 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 disclosure for this sale can be found here. Insiders have sold a total of 161,690 shares of company stock worth $14,525,085 over the last ninety days. 3.39% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Piper Sandler reaffirmed a "neutral" rating and set a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Barclays cut their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Rosenblatt Securities lifted their target price on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Wedbush assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. Finally, Redburn Atlantic assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $109.33.

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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