Kornitzer Capital Management Inc. KS Has $1.02 Million Stake in Arista Networks, Inc. (NYSE:ANET)

Kornitzer Capital Management Inc. KS boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 23.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,140 shares of the technology company's stock after acquiring an additional 2,500 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Arista Networks were worth $1,018,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP boosted its position in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares during the last quarter. Dunhill Financial LLC boosted its position in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares during the last quarter. McIlrath & Eck LLC bought a new position in Arista Networks in the 4th quarter valued at $35,000. Aster Capital Management DIFC Ltd bought a new position in Arista Networks in the 4th quarter valued at $37,000. Finally, HighMark Wealth Management LLC boosted its position in Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after buying an additional 230 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the sale, the director owned 65,784 shares of the company's stock, valued at approximately $6,536,298.24. This trade represents a 10.84% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. This represents a 96.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. 3.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of recent research reports. Piper Sandler reiterated a "neutral" rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Needham & Company LLC started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating on the stock. The Goldman Sachs Group cut their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Redburn Atlantic started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and a consensus target price of $111.40.

Arista Networks Stock Up 0.0%

Arista Networks stock traded up $0.03 during mid-day trading on Friday, hitting $112.01. 6,003,996 shares of the company's stock were exchanged, compared to its average volume of 10,699,869. The firm has a market capitalization of $140.68 billion, a P/E ratio of 47.41, a PEG ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.57. The company's 50 day simple moving average is $96.68 and its 200-day simple moving average is $94.99.

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, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The firm's revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 EPS. Research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has initiated a stock 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 often a sign that the company's board of directors believes its stock is 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.