First Hawaiian Bank Makes New Investment in Arista Networks, Inc. (NYSE:ANET)

First Hawaiian Bank bought a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 35,697 shares of the technology company's stock, valued at approximately $2,766,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Caitlin John LLC grew its stake in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying 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 acquiring an additional 191 shares in the last quarter. New Millennium Group LLC increased its holdings in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 195 shares during the last quarter. Quarry LP lifted its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares during the last quarter. Finally, Dunhill Financial LLC increased its stake in shares of Arista Networks by 415.7% in 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. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ANET. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their price target for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Citigroup lifted their price objective on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. KGI Securities lowered Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Morgan Stanley boosted their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, 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 report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of "Moderate Buy" and an average price target of $107.47.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $88.58, for a total transaction of $708,640.00. Following the completion of the sale, the director now directly owns 131,784 shares of the company's stock, valued at approximately $11,673,426.72. This represents a 5.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 177,690 shares of company stock valued at $15,442,765 in the last ninety days. Insiders own 3.39% of the company's stock.

Arista Networks Stock Performance

ANET stock traded up $3.56 during midday trading on Tuesday, reaching $93.34. 4,518,484 shares of the company's stock traded hands, compared to its average volume of 9,014,960. 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 $117.23 billion, a PE ratio of 42.05, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The company has a 50-day moving average price of $82.05 and a two-hundred day moving average price of $96.56.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the prior year, the company earned $0.50 EPS. The business's revenue was up 27.6% compared to the same quarter last year. As a group, analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board believes its stock is undervalued.

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.