Arista Networks, Inc. (NYSE:ANET) Stock Holdings Lifted by Pinnacle Wealth Management LLC

Pinnacle Wealth Management LLC increased its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 294.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,551 shares of the technology company's stock after acquiring an additional 23,560 shares during the period. Arista Networks comprises about 3.9% of Pinnacle Wealth Management LLC's holdings, making the stock its 6th largest holding. Pinnacle Wealth Management LLC's holdings in Arista Networks were worth $3,487,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ANET. Connecticut Wealth Management LLC raised its position in Arista Networks by 305.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 4,303 shares of the technology company's stock valued at $476,000 after purchasing an additional 3,242 shares during the last quarter. Gordian Capital Singapore Pte Ltd grew its position in shares of Arista Networks by 81,633.3% in the fourth quarter. Gordian Capital Singapore Pte Ltd now owns 2,452 shares of the technology company's stock valued at $271,000 after purchasing an additional 2,449 shares during the last quarter. JT Stratford LLC grew its holdings in shares of Arista Networks by 325.3% during the 4th quarter. JT Stratford LLC now owns 23,883 shares of the technology company's stock worth $2,640,000 after purchasing an additional 18,268 shares in the last quarter. Legacy Financial Group Inc. acquired a new stake in shares of Arista Networks in the 4th quarter valued at $204,000. Finally, Mosaic Family Wealth Partners LLC bought a new position in shares of Arista Networks in the 4th quarter valued at $210,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on ANET shares. Citigroup boosted their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Piper Sandler restated a "neutral" rating and set a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Barclays lowered their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $107.47.

Arista Networks Stock Up 0.4%

Shares of ANET traded up $0.41 during mid-day trading on Wednesday, hitting $92.90. The company had a trading volume of 2,064,361 shares, compared to its average volume of 8,954,771. The business's 50-day simple moving average is $81.73 and its 200-day simple moving average is $96.81. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The stock has a market cap of $116.67 billion, a PE ratio of 41.88, a P/E/G ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the firm earned $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. On average, sell-side 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 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

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 sale, the senior vice president now owns 12,976 shares in the company, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Marc Taxay sold 51,848 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was 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. Insiders sold 237,538 shares of company stock valued at $20,748,219 over the last 90 days. 3.54% of the stock is currently owned by company 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.