RDA Financial Network Purchases 11,315 Shares of Arista Networks, Inc. $ANET

Key Points

• RDA Financial Network increased its Arista Networks stake by 57.4% in the second quarter, purchasing 11,315 additional shares for a total of 31,032 shares valued at approximately $5.27 million. Institutional investors collectively own 82.47% of the company.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $189.74. Recent targets range from $173 to $200, although Zacks Research downgraded the stock to “Hold.”
• Arista reported quarterly earnings and revenue above expectations, including $0.87 in EPS and $2.71 billion in revenue, up 35.1% year over year. However, insiders sold more than 2.3 million shares worth approximately $382.2 million over the past three months.

RDA Financial Network boosted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 57.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,032 shares of the technology company's stock after acquiring an additional 11,315 shares during the quarter. Arista Networks accounts for about 1.1% of RDA Financial Network's investment portfolio, making the stock its 20th biggest position. RDA Financial Network's holdings in Arista Networks were worth $5,272,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Main Street Group LTD bought a new stake in shares of Arista Networks in the 1st quarter valued at approximately $26,000. Sankala Group LLC acquired a new position in Arista Networks during the fourth quarter worth $27,000. Prosperity Bancshares Inc acquired a new stake in shares of Arista Networks in the 4th quarter valued at $28,000. Ameliora Wealth Management Ltd. acquired a new stake in shares of Arista Networks in the 4th quarter valued at $30,000. Finally, Hilton Head Capital Partners LLC grew its holdings in shares of Arista Networks by 184.9% in the 1st quarter. Hilton Head Capital Partners LLC now owns 245 shares of the technology company's stock worth $30,000 after purchasing an additional 159 shares during the last quarter. Institutional investors own 82.47% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Piper Sandler reissued an "overweight" rating and set a $181.00 price target (up from $175.00) on shares of Arista Networks in a report on Wednesday, May 6th. Wolfe Research reaffirmed an "outperform" rating and set a $175.00 price objective on shares of Arista Networks in a report on Wednesday, June 10th. Bank of America lifted their target price on shares of Arista Networks from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, June 8th. Citigroup reduced their target price on Arista Networks from $176.00 to $173.00 and set a "buy" rating on the stock in a report on Wednesday, May 6th. Finally, Zacks Research lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $189.74.

Insider Activity at Arista Networks

In related news, insider Kenneth Duda sold 26,000 shares of the firm's stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $170.51, for a total value of $4,433,260.00. Following the completion of the sale, the insider owned 462,400 shares of the company's stock, valued at $78,843,824. This trade represents a 5.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jayshree Ullal sold 234,578 shares of the business's stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $187.18, for a total transaction of $43,908,310.04. Following the completion of the transaction, the chief executive officer owned 5,134,207 shares of the company's stock, valued at $961,020,866.26. This trade represents a 4.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 2,300,316 shares of company stock valued at $382,160,575 over the last three months. 2.70% of the stock is owned by company insiders.

Arista Networks Stock Up 2.8%

Shares of NYSE:ANET opened at $185.33 on Tuesday. The firm has a market cap of $233.36 billion, a P/E ratio of 63.47, a P/E/G ratio of 2.77 and a beta of 1.60. Arista Networks, Inc. has a 12 month low of $114.52 and a 12 month high of $189.82. The company's 50-day moving average price is $168.02 and its two-hundred day moving average price is $150.69.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 5th. The technology company reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.06. Arista Networks had a net margin of 38.32% and a return on equity of 30.10%. The company had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the previous year, the firm posted $0.65 earnings per share. The company's revenue was up 35.1% on a year-over-year basis. As a group, equities analysts predict that Arista Networks, Inc. will post 3.28 earnings per share for the current fiscal year.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista's offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista's product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company's hardware platforms.

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