Cypress Wealth Services LLC Takes $390,000 Position in Arista Networks, Inc. (NYSE:ANET)

Cypress Wealth Services LLC acquired a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,038 shares of the technology company's stock, valued at approximately $390,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Caitlin John LLC increased its position in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after purchasing an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares during the period. Quarry LP boosted its stake in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares during the period. Dunhill Financial LLC boosted its stake in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares during the period. Finally, Tradewinds Capital Management LLC boosted its stake in Arista Networks by 300.0% during the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock worth $34,000 after buying an additional 234 shares during the period. Institutional investors own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Rosenblatt Securities lifted their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Morgan Stanley lifted their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. 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. Redburn Atlantic started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating and a $112.00 target price for the company. Finally, Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and a consensus price target of $107.47.

Arista Networks Stock Up 0.2%

ANET stock opened at $95.11 on Friday. The business has a 50 day moving average price of $83.05 and a 200 day moving average price of $96.55. The stock has a market cap of $119.45 billion, a price-to-earnings ratio of 42.84, a PEG ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating 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 business earned $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has authorized a stock buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management 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 on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,690 shares of company stock worth $9,360,205 over the last 90 days. 3.39% of the stock is currently owned by insiders.

Arista Networks 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.