Arista Networks, Inc. (NYSE:ANET) Shares Purchased by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. grew its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 2,044.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,825 shares of the technology company's stock after purchasing an additional 39,875 shares during the period. First Citizens Bank & Trust Co.'s holdings in Arista Networks were worth $3,241,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC increased its position in shares of 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 acquiring an additional 191 shares during the period. Quarry LP increased its position in shares of 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 acquiring an additional 206 shares during the period. Dunhill Financial LLC increased its position in shares of 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 acquiring an additional 212 shares during the period. Hemington Wealth Management increased its position in shares of Arista Networks by 409.7% during the fourth quarter. Hemington Wealth Management now owns 316 shares of the technology company's stock worth $34,000 after acquiring an additional 254 shares during the period. Finally, Tradewinds Capital Management LLC increased its holdings in Arista Networks by 300.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock valued at $34,000 after buying an additional 234 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of ANET stock traded down $3.49 during mid-day trading on Friday, hitting $92.28. 6,205,708 shares of the stock were exchanged, compared to its average volume of 9,041,699. The stock's fifty day simple moving average is $85.36 and its two-hundred day simple moving average is $96.45. The stock has a market capitalization of $115.89 billion, a price-to-earnings ratio of 41.57, a P/E/G ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month 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 (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the company posted $0.50 earnings per share. The business's quarterly revenue was up 27.6% compared to the same quarter last year. On average, research analysts expect 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 approved a share buyback plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent analyst reports. Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Needham & Company LLC initiated coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating on the stock. Citigroup increased their target price on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Wedbush initiated coverage on Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating on the stock. Finally, BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $107.38.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the sale, the director now owns 7,480 shares of the company's stock, valued at $512,305.20. This trade represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,690 shares of company stock worth $9,360,205. Company insiders own 3.39% of the company's stock.

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.