Arista Networks, Inc. (NYSE:ANET) Shares Purchased by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI grew its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 97.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,828 shares of the technology company's stock after buying an additional 5,841 shares during the quarter. Commerzbank Aktiengesellschaft FI's holdings in Arista Networks were worth $917,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Hudock Inc. acquired a new position in Arista Networks during the first quarter worth $230,000. Legacy Capital Wealth Partners LLC raised its holdings in Arista Networks by 7.1% during the first quarter. Legacy Capital Wealth Partners LLC now owns 6,809 shares of the technology company's stock worth $528,000 after purchasing an additional 452 shares during the last quarter. Altman Advisors Inc. raised its holdings in Arista Networks by 2.0% during the first quarter. Altman Advisors Inc. now owns 23,481 shares of the technology company's stock worth $1,932,000 after purchasing an additional 471 shares during the last quarter. Cullen Frost Bankers Inc. raised its holdings in Arista Networks by 44.1% during the first quarter. Cullen Frost Bankers Inc. now owns 3,014 shares of the technology company's stock worth $234,000 after purchasing an additional 923 shares during the last quarter. Finally, Parcion Private Wealth LLC increased its position in Arista Networks by 78.8% during the first quarter. Parcion Private Wealth LLC now owns 9,196 shares of the technology company's stock worth $713,000 after buying an additional 4,052 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Price Performance

ANET stock traded up $0.03 during trading on Friday, reaching $112.01. 6,004,141 shares of the stock traded hands, compared to its average volume of 9,154,629. The business's 50 day moving average price is $96.68 and its 200-day moving average price is $94.99. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The firm has a market capitalization of $140.68 billion, a PE ratio of 47.41, a P/E/G ratio of 3.26 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (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 firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the business earned $0.50 earnings per share. The firm's quarterly revenue was up 27.6% compared to the same quarter last year. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has approved a stock buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the sale, the director owned 65,784 shares of the company's stock, valued at $6,536,298.24. This represents a 10.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 26,000 shares of the company's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,397,980.00. Following the completion of the sale, the senior vice president directly owned 592,400 shares of the company's stock, valued at $54,637,052. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock valued at $113,157,408 over the last quarter. Company insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ANET shares. Barclays cut their price target on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Citigroup boosted their price target on Arista Networks from $112.00 to $123.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Evercore ISI boosted their price target on Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Wolfe Research started coverage on Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating for the company. Finally, KGI Securities cut Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks has an average rating of "Moderate Buy" and a consensus price target of $111.40.

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.