OneAscent Financial Services LLC Increases Holdings in Arista Networks, Inc. (NYSE:ANET)

OneAscent Financial Services LLC increased its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 148.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,318 shares of the technology company's stock after purchasing an additional 9,744 shares during the quarter. OneAscent Financial Services LLC's holdings in Arista Networks were worth $1,272,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in ANET. Vanguard Group Inc. grew its position in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares in the last quarter. FMR LLC grew its position in Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after buying an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC grew its position in Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after buying an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC grew its position in Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after buying an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after buying an additional 14,454,822 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other Arista Networks 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 completion of the transaction, the senior vice president owned 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the transaction, the director directly owned 123,784 shares of the company's stock, valued at $10,915,273.12. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock valued at $113,157,408 in the last 90 days. Insiders own 3.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ANET shares. Wedbush started coverage on Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating for the company. Needham & Company LLC initiated coverage on Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating for the company. Wolfe Research initiated coverage on Arista Networks in a research note on Tuesday, July 8th. They set an "outperform" rating for the company. The Goldman Sachs Group dropped their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and an average price target of $111.40.

Arista Networks Trading Up 0.0%

NYSE ANET opened at $112.01 on Monday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The stock has a 50-day moving average of $97.19 and a 200-day moving average of $94.78. The firm has a market cap of $140.68 billion, a PE ratio of 47.41, a price-to-earnings-growth ratio of 3.26 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly 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. The business had revenue of $2 billion during 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%. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 EPS. As a group, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

About Arista Networks

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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