Sowell Financial Services LLC Invests $629,000 in Arista Networks, Inc. (NYSE:ANET)

Sowell Financial Services LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 8,122 shares of the technology company's stock, valued at approximately $629,000.

A number of other hedge funds also recently modified their holdings of the stock. Optas LLC lifted its stake in shares of Arista Networks by 2.2% during the 1st quarter. Optas LLC now owns 24,214 shares of the technology company's stock worth $1,876,000 after buying an additional 511 shares during the last quarter. Brighton Jones LLC lifted its stake in shares of Arista Networks by 151.2% during the 1st quarter. Brighton Jones LLC now owns 19,610 shares of the technology company's stock worth $1,519,000 after buying an additional 11,804 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Arista Networks by 14.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 71,162 shares of the technology company's stock worth $5,514,000 after buying an additional 9,165 shares during the last quarter. Sound Income Strategies LLC lifted its stake in shares of Arista Networks by 964.0% during the 1st quarter. Sound Income Strategies LLC now owns 3,373 shares of the technology company's stock worth $261,000 after buying an additional 3,056 shares during the last quarter. Finally, Ritholtz Wealth Management bought a new position in Arista Networks during the first quarter worth about $447,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Piper Sandler reaffirmed a "neutral" rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and raised their price target for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a research report on Wednesday, June 11th. Finally, KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of "Moderate Buy" and a consensus price target of $107.38.

Insider Buying and Selling

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the transaction, the director now owns 123,784 shares in the company, valued at $10,915,273.12. This trade represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock worth $9,360,205 in the last ninety days. Company insiders own 3.39% of the company's stock.

Arista Networks Trading Up 0.5%

Shares of Arista Networks stock opened at $90.12 on Friday. The firm's 50 day moving average is $87.24 and its 200 day moving average is $96.11. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The firm has a market capitalization of $113.18 billion, a PE ratio of 38.15, a price-to-earnings-growth ratio of 2.65 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping 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 business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the company earned $0.50 EPS. The firm's revenue was up 27.6% compared to the same quarter last year. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

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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