Sovereign s Capital Management LLC Makes New $2.46 Million Investment in Arista Networks, Inc. (NYSE:ANET)

Sovereign s Capital Management LLC bought a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 22,261 shares of the technology company's stock, valued at approximately $2,461,000. Arista Networks accounts for 1.6% of Sovereign s Capital Management LLC's portfolio, making the stock its 28th largest position.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Caitlin John LLC lifted its stake in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its stake in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares during the period. New Millennium Group LLC lifted its stake in shares of Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares during the period. Trust Co. of Vermont increased its holdings in Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after acquiring an additional 198 shares in the last quarter. Finally, Quarry LP raised its position in Arista Networks by 381.5% during 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. Institutional investors and hedge funds own 82.47% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ANET shares. Piper Sandler restated a "neutral" rating and set a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. KGI Securities cut shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Needham & Company LLC restated a "buy" rating and set a $130.00 target price on shares of Arista Networks in a research report on Thursday, May 15th. The Goldman Sachs Group cut their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $107.14.

Arista Networks Price Performance

Shares of NYSE ANET traded down $1.37 during midday trading on Friday, hitting $91.19. 7,449,715 shares of the company's stock were exchanged, compared to its average volume of 8,984,525. The stock's 50 day moving average price is $81.40 and its 200-day moving average price is $97.03. The firm has a market cap of $114.52 billion, a P/E ratio of 41.08, a PEG ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

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 (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business's revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.50 earnings per share. On average, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total value of $712,240.00. Following the completion of the sale, the director now directly owns 147,784 shares in the company, valued at approximately $13,157,209.52. This represents a 5.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction 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 sale, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents 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 have sold 410,755 shares of company stock valued at $37,043,825. Corporate insiders own 3.39% of the company's stock.

Arista Networks Company 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.