LPL Financial LLC Has $91.67 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

LPL Financial LLC grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 6.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,183,126 shares of the technology company's stock after buying an additional 72,531 shares during the period. LPL Financial LLC owned 0.09% of Arista Networks worth $91,669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of ANET. Pier 88 Investment Partners LLC increased its position in Arista Networks by 1.5% in the 1st quarter. Pier 88 Investment Partners LLC now owns 7,960 shares of the technology company's stock valued at $617,000 after acquiring an additional 120 shares during the period. Optimum Investment Advisors increased its position in Arista Networks by 31.3% in the 1st quarter. Optimum Investment Advisors now owns 525 shares of the technology company's stock valued at $41,000 after acquiring an additional 125 shares during the period. PFG Advisors increased its position in Arista Networks by 2.7% in the 1st quarter. PFG Advisors now owns 5,061 shares of the technology company's stock valued at $392,000 after acquiring an additional 131 shares during the period. Tradewinds Capital Management LLC increased its position in Arista Networks by 45.8% in the 1st quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock valued at $35,000 after acquiring an additional 143 shares during the period. Finally, Weaver Capital Management LLC increased its position in Arista Networks by 0.8% in the 1st quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock valued at $1,662,000 after acquiring an additional 162 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of ANET traded down $5.66 during trading hours on Friday, hitting $117.56. The stock had a trading volume of 11,553,581 shares, compared to its average volume of 10,575,626. The firm has a market cap of $147.65 billion, a P/E ratio of 49.76, a P/E/G ratio of 3.55 and a beta of 1.40. The company's fifty day simple moving average is $100.95 and its 200 day simple moving average is $95.10. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.57.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share 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 analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business's quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the company posted $0.50 EPS. As a group, sell-side analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a stock repurchase 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 of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ANET shares. BNP Paribas cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Barclays lowered their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. BNP Paribas Exane cut Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a report on Wednesday, June 11th. Piper Sandler reiterated a "neutral" rating and set a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Finally, Morgan Stanley increased their target price on Arista Networks from $100.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $114.00.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm'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 directly owned 12,976 shares of the company's stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of the firm's 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 transaction, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,346,742 shares of company stock worth $256,664,827 over the last three months. 3.39% of the stock is currently owned by corporate insiders.

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.