First Hawaiian Bank Acquires New Position in Arista Networks, Inc. (NYSE:ANET)

First Hawaiian Bank purchased 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 disclosure with the SEC. The institutional investor purchased 35,697 shares of the technology company's stock, valued at approximately $2,766,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ANET. Vanguard Group Inc. increased its position in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares in the last quarter. FMR LLC increased its holdings in 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 increased its holdings in 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 increased its holdings in 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. increased its holdings in 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. Hedge funds and other institutional investors own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ANET shares. Barclays cut their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Piper Sandler restated a "neutral" rating and set a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Wedbush started coverage on shares of Arista Networks in a report on Wednesday. They issued an "outperform" rating for the company. Citigroup lifted their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Arista Networks presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.47.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total transaction of $712,240.00. Following the completion of the sale, the director now directly owns 147,784 shares in the company, valued at $13,157,209.52. This represents a 5.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total value of $6,788,000.00. Following the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,101,013.60. This trade represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 237,538 shares of company stock valued at $20,748,219 in the last three months. Company insiders own 3.54% of the company's stock.

Arista Networks Price Performance

Shares of NYSE:ANET traded up $0.12 during trading hours on Friday, hitting $86.49. 16,490,789 shares of the company's stock traded hands, compared to its average volume of 9,029,731. The business has a fifty day moving average price of $81.89 and a 200-day moving average price of $96.60. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The firm has a market capitalization of $108.62 billion, a P/E ratio of 38.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

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 analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business's revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 earnings per share. As a group, equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has approved a stock buyback plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

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.