Park Square Financial Group LLC Acquires New Stake in Arista Networks, Inc. (NYSE:ANET)

Park Square Financial Group LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,017 shares of the technology company's stock, valued at approximately $444,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Caitlin John LLC increased 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 buying 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 in the last quarter. 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 in the last quarter. Quarry LP raised its holdings in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the last quarter. Finally, Dunhill Financial LLC raised 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 worth $29,000 after acquiring an additional 212 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on ANET shares. Piper Sandler reiterated 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. Wedbush initiated coverage on Arista Networks in a report on Wednesday. They issued an "outperform" rating for the company. Morgan Stanley increased their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. JPMorgan Chase & Co. reduced their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, KGI Securities downgraded Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $107.47.

Arista Networks Stock Down 6.9%

Shares of NYSE ANET traded down $6.43 during trading on Thursday, reaching $86.36. The company had a trading volume of 17,896,001 shares, compared to its average volume of 9,009,369. The company's fifty day moving average price is $81.92 and its 200-day moving average price is $96.78. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The stock has a market cap of $108.46 billion, a P/E ratio of 38.90, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the business earned $0.50 EPS. The firm's revenue was up 27.6% compared to the same quarter last year. As a group, 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 plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total value of $712,240.00. Following the transaction, the director now directly owns 147,784 shares of the company's stock, valued at approximately $13,157,209.52. This represents a 5.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the sale, the senior vice president now owns 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 disclosure for this sale can be found here. Insiders have sold 237,538 shares of company stock worth $20,748,219 in the last three months. 3.54% 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.