JT Stratford LLC Boosts Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

JT Stratford LLC lifted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 325.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,883 shares of the technology company's stock after purchasing an additional 18,268 shares during the period. JT Stratford LLC's holdings in Arista Networks were worth $2,640,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ANET. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Arista Networks by 330.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 3,116 shares of the technology company's stock worth $344,000 after purchasing an additional 2,392 shares during the period. Pure Financial Advisors LLC purchased a new stake in Arista Networks in the fourth quarter worth about $213,000. Ballentine Partners LLC lifted its holdings in Arista Networks by 333.2% in the fourth quarter. Ballentine Partners LLC now owns 11,016 shares of the technology company's stock worth $1,218,000 after buying an additional 8,473 shares during the period. Perpetual Ltd lifted its holdings in Arista Networks by 28.3% in the fourth quarter. Perpetual Ltd now owns 7,316 shares of the technology company's stock worth $809,000 after buying an additional 1,613 shares during the period. Finally, Alpha Cubed Investments LLC lifted its holdings in Arista Networks by 333.8% in the fourth quarter. Alpha Cubed Investments LLC now owns 3,904 shares of the technology company's stock worth $432,000 after buying an additional 3,004 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on ANET. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Evercore ISI lowered their price objective on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Piper Sandler restated a "neutral" rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Citigroup raised their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Finally, The Goldman Sachs Group lowered their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and an average target price of $107.14.

Arista Networks Stock Down 3.3%

Shares of NYSE ANET opened at $92.52 on Thursday. The firm has a market cap of $116.20 billion, a P/E ratio of 41.68, a PEG ratio of 3.10 and a beta of 1.38. The company has a 50 day moving average of $81.11 and a 200 day moving average of $97.15. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve 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 for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 EPS. As a group, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 138,351 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the sale, the chief executive officer now owns 92,641 shares of the company's stock, valued at $8,697,137.08. The trade was a 59.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Marc Taxay sold 51,848 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 410,755 shares of company stock worth $37,045,233. Insiders own 3.39% of the company's stock.

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.

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