Global Assets Advisory LLC Purchases 8,427 Shares of Arista Networks, Inc. (NYSE:ANET)

Global Assets Advisory LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 168.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,424 shares of the technology company's stock after buying an additional 8,427 shares during the period. Global Assets Advisory LLC's holdings in Arista Networks were worth $1,005,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ANET. Vanguard Group Inc. boosted its position in shares of Arista Networks by 304.2% in 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 acquiring an additional 72,311,318 shares during the period. FMR LLC raised its stake in Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC boosted 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 valued at $3,016,207,000 after purchasing an additional 20,059,303 shares during the period. Geode Capital Management LLC grew its position 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 purchasing an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of NYSE ANET traded up $5.40 during trading on Thursday, reaching $101.71. The company had a trading volume of 15,250,168 shares, compared to its average volume of 9,081,478. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The business's 50 day moving average price is $88.81 and its 200-day moving average price is $95.73. The stock has a market cap of $127.74 billion, a PE ratio of 43.05, a PEG ratio of 2.79 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. Arista Networks's revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.50 EPS. Equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on 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 of the company's stock, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 26,000 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,397,980.00. Following the sale, the senior vice president now owns 592,400 shares of the company's stock, valued at $54,637,052. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 161,690 shares of company stock worth $14,525,085 over the last 90 days. 3.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research reports. Piper Sandler reiterated a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Redburn Atlantic began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target on the stock. Needham & Company LLC started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating for the company. Citigroup upped their target price on shares of Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Barclays dropped their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $109.33.

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.