Neo Ivy Capital Management Purchases 39,616 Shares of Arista Networks, Inc. (NYSE:ANET)

Neo Ivy Capital Management lifted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 900.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,016 shares of the technology company's stock after buying an additional 39,616 shares during the quarter. Arista Networks comprises approximately 1.0% of Neo Ivy Capital Management's holdings, making the stock its 17th biggest position. Neo Ivy Capital Management's holdings in Arista Networks were worth $4,865,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Caitlin John LLC boosted its position in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its position in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after purchasing an additional 191 shares during the period. New Millennium Group LLC boosted its position in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 195 shares during the period. Quarry LP boosted its position in 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 purchasing an additional 206 shares during the period. Finally, Dunhill Financial LLC boosted its position in 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 purchasing an additional 212 shares during the period. 82.47% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Marc Taxay sold 51,848 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 410,587 shares of company stock worth $37,028,000. Corporate insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on ANET. KGI Securities cut shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and boosted their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Needham & Company LLC reissued a "buy" rating and issued a $130.00 target price on shares of Arista Networks in a research report on Thursday, May 15th. Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and a consensus target price of $107.14.

Arista Networks Price Performance

Shares of ANET stock opened at $92.51 on Friday. The business's 50 day simple moving average is $81.26 and its 200 day simple moving average is $97.10. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a market capitalization of $116.19 billion, a PE ratio of 41.67, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.50 EPS. As a group, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has initiated 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 shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

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.

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