Krane Funds Advisors LLC Makes New $225,000 Investment in Arista Networks, Inc. (NYSE:ANET)

Krane Funds Advisors LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,905 shares of the technology company's stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds also recently modified their holdings of ANET. Quarry LP boosted its stake in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC lifted its holdings 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 purchasing an additional 212 shares in the last quarter. McIlrath & Eck LLC acquired a new stake in shares of Arista Networks in the fourth quarter worth $35,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Arista Networks in the fourth quarter worth $37,000. Finally, HighMark Wealth Management LLC grew its holdings 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 buying an additional 230 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Morgan Stanley raised their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Piper Sandler restated a "neutral" rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Wedbush began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating on the stock. Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Finally, Citigroup boosted their price target on shares of Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $109.33.

Arista Networks Trading Up 1.3%

ANET traded up $1.32 during trading on Thursday, hitting $102.45. The stock had a trading volume of 5,296,699 shares, compared to its average volume of 9,105,538. The firm has a market cap of $128.66 billion, a PE ratio of 43.36, a P/E/G ratio of 2.95 and a beta of 1.40. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The company has a 50 day simple moving average of $92.44 and a 200-day simple moving average of $95.40.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analyst estimates 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 for the quarter was up 27.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 earnings per share. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 26,000 shares of the stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total value of $2,397,980.00. Following the completion of the sale, the senior vice president directly owned 592,400 shares of the company's stock, valued at $54,637,052. This represents a 4.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 748,444 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the transaction, the chief executive officer directly owned 30,000 shares of the company's stock, valued at $3,072,900. This represents a 96.15% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,123,400 shares of company stock worth $113,159,520. Insiders own 3.39% of the company's stock.

Arista Networks 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.