Harmony Asset Management LLC Increases Stake in Arista Networks, Inc. (NYSE:ANET)

Harmony Asset Management LLC grew its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 382.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,328 shares of the technology company's stock after acquiring an additional 3,431 shares during the period. Harmony Asset Management LLC's holdings in Arista Networks were worth $478,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Stock Yards Bank & Trust Co. bought a new stake in shares of Arista Networks in the fourth quarter valued at approximately $242,000. GHE LLC lifted its holdings in shares of Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after acquiring an additional 21,597 shares during the period. Colonial River Investments LLC raised its stake in shares of Arista Networks by 327.6% in the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after acquiring an additional 7,466 shares during the last quarter. Unified Investment Management bought a new position in shares of Arista Networks in the fourth quarter valued at approximately $630,000. Finally, Berkshire Capital Holdings Inc. raised its holdings in shares of Arista Networks by 257.6% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after buying an additional 55,430 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Morgan Stanley increased their target price on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Rosenblatt Securities upped their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Piper Sandler reaffirmed 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. Finally, KGI Securities downgraded Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Arista Networks currently has a consensus rating of "Moderate Buy" and an average price target of $107.14.

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,101,013.60. This trade represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John F. Mccool sold 17,433 shares of Arista Networks stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $96.57, for a total transaction of $1,683,504.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 254,971 shares of company stock worth $22,431,724. 3.39% of the stock is owned by corporate insiders.

Arista Networks Stock Performance

NYSE:ANET traded up $1.29 during midday trading on Tuesday, reaching $92.49. 2,701,306 shares of the stock traded hands, compared to its average volume of 8,961,771. The company has a fifty day moving average of $81.54 and a 200 day moving average of $96.84. The stock has a market capitalization of $116.16 billion, a P/E ratio of 41.70, a PEG ratio of 3.10 and a beta of 1.38. 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 announced its earnings results 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. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business's revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.50 EPS. On average, analysts predict that Arista Networks, Inc. will post 2.2 EPS 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 outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are 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.