Fox Hill Wealth Management Acquires 2,827 Shares of Arista Networks, Inc. (NYSE:ANET)

Key Points

• Fox Hill Wealth Management increased its stake in Arista Networks by 9.2% during the first quarter, holding shares worth approximately $2.61 million, making it the firm’s 18th largest position.
• Arista Networks reported strong earnings, with a profit of $0.73 per share, surpassing analysts' expectations, and a quarterly revenue of $2.20 billion, a 30.4% increase year-over-year.
• Institutional investors own 82.47% of Arista Networks' stock, highlighting significant interest from large financial entities in the company.

Fox Hill Wealth Management lifted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 9.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,709 shares of the technology company's stock after acquiring an additional 2,827 shares during the period. Arista Networks comprises approximately 1.5% of Fox Hill Wealth Management's holdings, making the stock its 18th largest position. Fox Hill Wealth Management's holdings in Arista Networks were worth $2,612,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. HighMark Wealth Management LLC grew its position in Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after acquiring an additional 230 shares in the last quarter. Quarry LP grew its holdings in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the last quarter. Dunhill Financial LLC grew its holdings in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Cloud Capital Management LLC bought a new stake in shares of Arista Networks in the 1st quarter worth about $30,000. Finally, McIlrath & Eck LLC bought a new stake in Arista Networks during the 4th quarter worth about $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Price Performance

Shares of NYSE:ANET traded up $0.75 on Friday, hitting $137.23. The company's stock had a trading volume of 6,053,112 shares, compared to its average volume of 10,596,345. The company has a market capitalization of $172.48 billion, a PE ratio of 53.97, a PEG ratio of 3.24 and a beta of 1.37. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $141.99. The company has a 50-day simple moving average of $109.18 and a 200 day simple moving average of $95.98.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%. The business had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.11 billion. During the same period in the previous year, the firm earned $0.53 EPS. The business's quarterly revenue was up 30.4% on a year-over-year basis. On average, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $117.01, for a total transaction of $936,080.00. Following the sale, the director directly owned 57,784 shares in the company, valued at $6,761,305.84. The trade was a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 192,979 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $139.67, for a total value of $26,953,376.93. Following the completion of the sale, the chief executive officer directly owned 5,623,721 shares in the company, valued at $785,465,112.07. This trade represents a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,767,742 shares of company stock worth $714,048,068 over the last ninety days. 3.39% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of research analyst reports. Piper Sandler increased their price objective on shares of Arista Networks from $89.00 to $143.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Erste Group Bank upgraded shares of Arista Networks from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. BNP Paribas Exane downgraded shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a report on Wednesday, June 11th. UBS Group raised their price target on shares of Arista Networks from $115.00 to $155.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Needham & Company LLC raised their price target on shares of Arista Networks from $130.00 to $155.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Six equities research 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, Arista Networks currently has an average rating of "Moderate Buy" and an average target price of $138.07.

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.