Jackson Square Capital LLC lowered its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 15.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 80,157 shares of the technology company's stock after selling 14,755 shares during the quarter. Arista Networks makes up 2.0% of Jackson Square Capital LLC's holdings, making the stock its 16th largest position. Jackson Square Capital LLC's holdings in Arista Networks were worth $6,211,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Capital Advisors Ltd. LLC lifted its position in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after acquiring an additional 191 shares in the last quarter. Quarry LP lifted its position in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC lifted its position 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 valued at $29,000 after acquiring an additional 212 shares in the last quarter. Hemington Wealth Management lifted its position in shares of Arista Networks by 409.7% in the fourth quarter. Hemington Wealth Management now owns 316 shares of the technology company's stock valued at $34,000 after acquiring an additional 254 shares in the last quarter. Finally, Tradewinds Capital Management LLC lifted its position in shares of Arista Networks by 300.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock valued at $34,000 after acquiring an additional 234 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the company. Rosenblatt Securities raised their target price on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group cut their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Morgan Stanley increased their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, Wedbush assumed coverage on Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating for the company. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $107.38.
View Our Latest Stock Report on ANET
Insider Buying and Selling
In other news, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the transaction, the director now directly owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This represents a 16.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company'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. This represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,690 shares of company stock valued at $9,360,205 in the last three months. 3.39% of the stock is owned by corporate insiders.
Arista Networks Stock Performance
Shares of NYSE ANET traded down $3.49 during trading on Friday, reaching $92.28. The stock had a trading volume of 6,205,708 shares, compared to its average volume of 9,043,529. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The business's 50-day moving average price is $85.82 and its 200-day moving average price is $96.36. The company has a market cap of $115.89 billion, a P/E ratio of 41.57, a PEG ratio of 3.10 and a beta of 1.37.
Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The company's revenue was up 27.6% on a year-over-year basis. Analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.
Arista Networks declared that its board has initiated a stock buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.
About Arista Networks
(
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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