Illinois Municipal Retirement Fund lifted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 5.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 191,298 shares of the technology company's stock after purchasing an additional 9,236 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Arista Networks were worth $14,822,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Transcend Capital Advisors LLC bought a new stake in Arista Networks during the 1st quarter worth approximately $210,000. Perpetual Ltd raised its holdings in shares of Arista Networks by 367.8% in the first quarter. Perpetual Ltd now owns 34,225 shares of the technology company's stock valued at $2,652,000 after purchasing an additional 26,909 shares during the last quarter. HighMark Wealth Management LLC boosted its holdings in Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares during the last quarter. PDS Planning Inc lifted its position in shares of Arista Networks by 4.8% during the 1st quarter. PDS Planning Inc now owns 7,030 shares of the technology company's stock worth $545,000 after buying an additional 320 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. increased its position in shares of Arista Networks by 1.0% during the first quarter. Penobscot Investment Management Company Inc. now owns 36,258 shares of the technology company's stock valued at $2,809,000 after acquiring an additional 350 shares during the last quarter. Institutional investors own 82.47% of the company's stock.
Wall Street Analyst Weigh In
ANET has been the topic of a number of recent analyst reports. Needham & Company LLC started coverage on Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating on the stock. BNP Paribas Exane downgraded shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price for the company. in a research report on Wednesday, June 11th. Rosenblatt Securities lifted their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. KGI Securities downgraded Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Finally, Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $109.33.
Get Our Latest Analysis on Arista Networks
Arista Networks Stock Performance
NYSE ANET traded up $3.13 during trading hours on Monday, hitting $102.52. The company had a trading volume of 9,350,179 shares, compared to its average volume of 10,902,266. The firm has a market capitalization of $128.76 billion, a price-to-earnings ratio of 43.39, a PEG ratio of 2.90 and a beta of 1.37. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.57. The firm has a 50 day simple moving average of $89.99 and a 200 day simple moving average of $95.50.
Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 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 30.48%. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the company earned $0.50 earnings per share. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.
Arista Networks declared that its board 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.
Insider Transactions at Arista Networks
In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares of the company's stock, valued at $512,305.20. The trade was a 16.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 30,000 shares of the firm'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 $2,766,900.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,196,776.48. This trade represents a 69.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 161,690 shares of company stock valued at $14,525,085. 3.39% of the stock is currently owned by company insiders.
About Arista Networks
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Free Report)
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.
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