Financial Harvest LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,380 shares of the technology company's stock, valued at approximately $184,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ANET. Vanguard Group Inc. boosted its holdings in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares in the last quarter. FMR LLC boosted its holdings in shares of Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after acquiring an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in shares of Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after acquiring an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.
Insider Transactions at Arista Networks
In related news, CEO Jayshree Ullal sold 748,444 shares of the firm's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares in the company, valued at approximately $3,072,900. This trade represents a 96.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the sale, the director owned 123,784 shares of the company's stock, valued at $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,123,370 shares of company stock worth $113,157,408 in the last three months. Insiders own 3.39% of the company's stock.
Analysts Set New Price Targets
Several research analysts have recently commented on ANET shares. KeyCorp started coverage on Arista Networks in a report on Thursday, June 26th. They issued an "overweight" rating and a $115.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday. KGI Securities downgraded Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Piper Sandler restated a "neutral" rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Finally, Citigroup boosted their price objective on shares of Arista Networks from $112.00 to $123.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $111.40.
Read Our Latest Report on ANET
Arista Networks Price Performance
Shares of Arista Networks stock traded up $0.03 on Friday, hitting $112.01. 6,004,141 shares of the company's stock traded hands, compared to its average volume of 9,169,641. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The firm's 50-day moving average price is $97.19 and its two-hundred day moving average price is $94.89. The stock has a market capitalization of $140.68 billion, a PE ratio of 47.41, a price-to-earnings-growth ratio of 3.26 and a beta of 1.40.
Arista Networks (NYSE:ANET - Get Free Report) last released 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 net margin of 40.72% and a return on equity of 30.48%. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the prior year, the company earned $0.50 EPS. The firm's quarterly revenue was up 27.6% on a year-over-year basis. On average, analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.
Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.
Arista Networks Profile
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Free Report)
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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