Summit Financial LLC Increases Stock Position in Arista Networks, Inc. $ANET

Key Points

• Summit Financial LLC increased its holdings in Arista Networks, Inc. by 58.9% during the 1st quarter, acquiring an additional 2,770 shares to reach a total of 7,474 shares valued at $579,000.
• The company reported an EPS of $0.73 for the last quarter, surpassing analysts' expectations of $0.65 and reflecting a 30.4% year-over-year revenue increase.
• CEO Jayshree Ullal sold 1,785,165 shares leading to a 23.86% decrease in her ownership stake, with insider selling totaling over $721 million in the past 90 days.

Summit Financial LLC raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 58.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,474 shares of the technology company's stock after acquiring an additional 2,770 shares during the period. Summit Financial LLC's holdings in Arista Networks were worth $579,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in ANET. Cresset Asset Management LLC lifted its stake in shares of 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 valued at $3,016,207,000 after purchasing an additional 20,059,303 shares during the period. Nuveen LLC acquired a new position in shares of Arista Networks in the 1st quarter valued at $933,626,000. Nuveen Asset Management LLC lifted its stake in shares of Arista Networks by 330.8% in the 4th quarter. Nuveen Asset Management LLC now owns 11,292,585 shares of the technology company's stock valued at $1,248,169,000 after purchasing an additional 8,671,235 shares during the period. Northern Trust Corp lifted its stake in shares of Arista Networks by 354.3% in the 4th quarter. Northern Trust Corp now owns 9,942,816 shares of the technology company's stock valued at $1,098,979,000 after purchasing an additional 7,753,991 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Arista Networks by 278.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,641,326 shares of the technology company's stock valued at $955,126,000 after purchasing an additional 6,357,753 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of ANET traded down $0.92 during mid-day trading on Wednesday, reaching $133.35. The stock had a trading volume of 4,529,173 shares, compared to its average volume of 10,408,634. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $141.99. The business's fifty day moving average is $115.52 and its 200 day moving average is $97.04. The firm has a market cap of $167.60 billion, a price-to-earnings ratio of 52.39, a P/E/G ratio of 3.13 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.08. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The firm had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the prior year, the firm posted $0.53 earnings per share. Arista Networks's quarterly revenue was up 30.4% on a year-over-year basis. Arista Networks has set its Q3 2025 guidance at EPS. As a group, 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 authorized a stock buyback program 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 programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wedbush began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating for the company. UBS Group lifted their target price on shares of Arista Networks from $115.00 to $155.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. KeyCorp lifted their target price on shares of Arista Networks from $115.00 to $145.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Morgan Stanley lifted their target price on shares of Arista Networks from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Finally, KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Fourteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.07.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 1,785,165 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the completion of the transaction, the chief executive officer owned 5,698,074 shares of the company's stock, valued at $776,191,640.28. This trade represents a 23.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 5,823,574 shares of company stock worth $721,676,802 over the last ninety days. Company insiders own 3.54% of the company's stock.

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.