Kaufman Rossin Wealth LLC Makes New $600,000 Investment in Arista Networks, Inc. $ANET

Key Points

• Kaufman Rossin Wealth LLC has made a new investment in Arista Networks, Inc., purchasing 7,748 shares valued at approximately $600,000 in the first quarter of 2023.
• The company reported earnings of $0.73 per share, exceeding expectations, with revenue of $2.20 billion for the quarter, marking a year-over-year increase of 30.4%.
• Arista Networks has initiated a $1.50 billion stock buyback plan, suggesting the board's belief that the company’s shares are undervalued.

Kaufman Rossin Wealth LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,748 shares of the technology company's stock, valued at approximately $600,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP boosted its holdings in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares during the period. Dunhill Financial LLC increased its stake in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the period. McIlrath & Eck LLC bought a new stake in Arista Networks in the fourth quarter valued at approximately $35,000. HighMark Wealth Management LLC boosted its stake in shares of Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after purchasing an additional 230 shares during the period. Finally, West Paces Advisors Inc. grew its holdings in shares of Arista Networks by 214.5% in the fourth quarter. West Paces Advisors Inc. now owns 368 shares of the technology company's stock worth $41,000 after purchasing an additional 251 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $131.3960 on Thursday. The firm has a market capitalization of $165.15 billion, a P/E ratio of 51.68, a P/E/G ratio of 3.12 and a beta of 1.37. The stock has a 50 day moving average price of $112.32 and a 200-day moving average price of $96.65. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $141.99.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.08. The company had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.11 billion. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%.The firm's revenue for the quarter was up 30.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.53 earnings per share. Arista Networks has set its Q3 2025 guidance at EPS. On average, equities 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 plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, CEO Jayshree Ullal sold 1,785,165 shares of Arista Networks stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the completion of the transaction, the chief executive officer directly owned 5,698,074 shares of the company's stock, valued at $776,191,640.28. This trade represents a 23.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 5,823,574 shares of company stock valued at $721,676,802. 3.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of recent analyst reports. Citigroup upped their price target on shares of Arista Networks from $123.00 to $136.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Piper Sandler upped their price objective on shares of Arista Networks from $89.00 to $143.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Wolfe Research initiated coverage on Arista Networks in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. Morgan Stanley upped their price target on Arista Networks from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Finally, KeyCorp lifted their price objective on Arista Networks from $115.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Fourteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $138.07.

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.

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