Private Advisor Group LLC Acquires 22,317 Shares of Arista Networks, Inc. (NYSE:ANET)

Private Advisor Group LLC lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 45.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,578 shares of the technology company's stock after acquiring an additional 22,317 shares during the quarter. Private Advisor Group LLC's holdings in Arista Networks were worth $5,546,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ANET. FMR LLC lifted its position in Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the period. Cresset Asset Management LLC grew its position in Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Alliancebernstein L.P. grew its position in Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Arista Networks during the 4th quarter worth about $1,397,833,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the sale, the director directly owned 65,784 shares of the company's stock, valued at $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the business'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 completion of the sale, the senior vice president directly owned 12,976 shares of the company's stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,177,878 shares of company stock valued at $119,281,861. 3.39% of the stock is currently owned by company insiders.

Arista Networks Stock Down 0.1%

Shares of NYSE:ANET opened at $111.63 on Tuesday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The business's 50 day moving average is $97.19 and its 200 day moving average is $94.78. The stock has a market cap of $140.20 billion, a P/E ratio of 47.25, a price-to-earnings-growth ratio of 3.26 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data 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 30.48%. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the firm posted $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

ANET has been the subject of a number of recent research reports. The Goldman Sachs Group lowered their price objective on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Piper Sandler reiterated 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. KGI Securities cut Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Evercore ISI upped their price target on Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Finally, 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. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $111.40.

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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