Malaga Cove Capital LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,084 shares of the technology company's stock, valued at approximately $704,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. HighMark Wealth Management LLC raised its stake in Arista Networks by 179.7% in 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 in the last quarter. Quarry LP raised its stake in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC raised its stake in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares in the last quarter. Cloud Capital Management LLC purchased a new position in shares of Arista Networks during the first quarter worth approximately $30,000. Finally, McIlrath & Eck LLC purchased a new position in shares of Arista Networks during the fourth quarter worth approximately $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Arista Networks
In related news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president owned 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of the company's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the transaction, the chief executive officer owned 30,000 shares in the company, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,635,562 shares of company stock worth $291,955,743. 3.39% of the stock is currently owned by company insiders.
Arista Networks Stock Down 4.6%
Shares of ANET stock traded down $5.66 during mid-day trading on Friday, reaching $117.56. 11,553,581 shares of the company's stock traded hands, compared to its average volume of 8,253,870. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.57. The company has a market cap of $147.65 billion, a P/E ratio of 49.76, a P/E/G ratio of 3.42 and a beta of 1.37. The company's 50-day moving average price is $101.48 and its 200-day moving average price is $94.98.
Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the business posted $0.50 EPS. The company's quarterly revenue was up 27.6% on a year-over-year basis. Equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.
Arista Networks declared that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board believes its shares are undervalued.
Wall Street Analysts Forecast Growth
Several research firms have commented on ANET. Needham & Company LLC began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating on the stock. Barclays decreased their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Erste Group Bank raised shares of Arista Networks from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Finally, Evercore ISI lifted their target price on shares of Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $114.00.
Read Our Latest Stock Analysis on ANET
Arista Networks Company Profile
(
Free Report)
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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