TriaGen Wealth Management LLC Has $1.97 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Key Points

• TriaGen Wealth Management LLC significantly increased its stake in Arista Networks, raising its holdings by 46.6% to a total of 25,412 shares valued at approximately $1.97 million.
• Recent ratings downgrade by BNP Paribas highlighted a shift in analyst sentiment, lowering Arista Networks from an "outperform" to a "neutral" rating, while Goldman Sachs upgraded its price target to $155.00.
• In addition to changes in institutional investment, CEO Jayshree Ullal sold over 1.7 million shares recently, representing a significant decrease in her ownership stake.

TriaGen Wealth Management LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 46.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,412 shares of the technology company's stock after purchasing an additional 8,083 shares during the quarter. TriaGen Wealth Management LLC's holdings in Arista Networks were worth $1,969,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ANET. DSG Capital Advisors LLC bought a new stake in Arista Networks during the 4th quarter worth about $5,984,000. Ibex Wealth Advisors grew its holdings in Arista Networks by 14.4% during the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock worth $4,501,000 after acquiring an additional 7,329 shares during the last quarter. Sowell Financial Services LLC bought a new stake in Arista Networks during the 1st quarter worth about $629,000. Commonwealth Equity Services LLC grew its holdings in Arista Networks by 19.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 613,309 shares of the technology company's stock worth $47,519,000 after acquiring an additional 101,162 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in Arista Networks during the 1st quarter worth about $15,227,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ANET. BNP Paribas Exane cut shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target for the company. in a research report on Wednesday, June 11th. BNP Paribas cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Piper Sandler lifted their price target on shares of Arista Networks from $89.00 to $143.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group lifted their price target on shares of Arista Networks from $115.00 to $155.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target for the company. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $138.07.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 1,785,165 shares of the company's 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 sale, the chief executive officer owned 5,698,074 shares of the company's stock, valued at $776,191,640.28. This represents a 23.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 5,767,742 shares of company stock valued at $714,048,068 in the last 90 days. Corporate insiders own 3.39% of the company's stock.

Arista Networks Trading Up 0.5%

Shares of ANET opened at $137.23 on Friday. The company has a market cap of $172.48 billion, a price-to-earnings ratio of 53.97, a PEG ratio of 3.23 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $141.99. The company's fifty day simple moving average is $109.98 and its 200 day simple moving average is $96.12.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the previous year, the company earned $0.53 earnings per share. The company's quarterly revenue was up 30.4% on a year-over-year basis. As a group, research analysts forecast 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 repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors 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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