True Vision MN LLC Takes $465,000 Position in Arista Networks, Inc. (NYSE:ANET)

True Vision MN LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,999 shares of the technology company's stock, valued at approximately $465,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after acquiring an additional 72,311,318 shares in the last quarter. FMR LLC increased its position in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares during the period. Cresset Asset Management LLC increased its position in shares of Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares during the period. Geode Capital Management LLC increased its position in shares of Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the period. Institutional investors own 82.47% of the company's stock.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director directly owned 123,784 shares in the company, valued at approximately $10,915,273.12. This represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the sale, the chief executive officer directly owned 30,000 shares of the company's stock, valued at approximately $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. 3.39% of the stock is currently owned by corporate insiders.

Arista Networks Stock Performance

Shares of ANET stock traded up $1.92 during mid-day trading on Friday, hitting $108.21. The company's stock had a trading volume of 7,687,323 shares, compared to its average volume of 9,134,710. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The business has a 50-day moving average price of $94.70 and a 200 day moving average price of $95.15. The stock has a market cap of $135.90 billion, a price-to-earnings ratio of 45.73, a PEG ratio of 3.10 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the company posted $0.50 earnings per share. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. Equities research analysts predict 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 allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Citigroup lifted their target price on Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research report on Friday. Piper Sandler restated a "neutral" rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. BNP Paribas Exane lowered Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research note on Wednesday, June 11th. Rosenblatt Securities lifted their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Finally, Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $110.07.

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.