Tidal Investments LLC Increases Stock Position in Arista Networks, Inc. (NYSE:ANET)

Tidal Investments LLC raised its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 1,321.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 531,386 shares of the technology company's stock after purchasing an additional 494,003 shares during the period. Tidal Investments LLC's holdings in Arista Networks were worth $58,734,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Caitlin John LLC grew its position in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after buying an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC grew its position in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after buying an additional 191 shares during the last quarter. Cranbrook Wealth Management LLC grew its position in shares of Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after buying an additional 198 shares during the last quarter. Trust Co. of Vermont boosted its stake 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 purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC boosted its stake in Arista Networks by 300.0% during the 4th 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. Institutional investors own 82.47% of the company's stock.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were 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 trade represents a 86.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider John F. Mccool sold 17,433 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $96.57, for a total transaction of $1,683,504.81. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 410,755 shares of company stock valued at $37,045,233. 3.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Evercore ISI reduced their target price on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, April 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 note on Wednesday, May 7th. Piper Sandler reissued a "neutral" rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Needham & Company LLC restated a "buy" rating and set a $130.00 price target on shares of Arista Networks in a report on Thursday, May 15th. Finally, Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $107.14.

Arista Networks Price Performance

ANET traded down $3.15 on Wednesday, hitting $92.52. 8,333,537 shares of the stock were exchanged, compared to its average volume of 9,065,725. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The business has a 50-day moving average of $80.93 and a two-hundred day moving average of $97.18. The firm has a market capitalization of $116.20 billion, a price-to-earnings ratio of 41.68, a PEG ratio of 3.10 and a beta of 1.38.

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 analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.50 earnings per share. Equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share buyback 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is 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.