Truist Financial Corp Grows Stock Position in Arista Networks, Inc. (NYSE:ANET)

Truist Financial Corp grew its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 46.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 605,262 shares of the technology company's stock after acquiring an additional 192,108 shares during the quarter. Truist Financial Corp's holdings in Arista Networks were worth $46,896,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ANET. HighMark Wealth Management LLC lifted its position in Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after buying an additional 230 shares in the last quarter. Quarry LP lifted its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares in the last quarter. Dunhill Financial LLC lifted its position in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares in the last quarter. McIlrath & Eck LLC purchased a new position in Arista Networks during the fourth quarter worth approximately $35,000. Finally, Tradewinds Capital Management LLC lifted its position in Arista Networks by 45.8% during the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after buying an additional 143 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the transaction, the chief executive officer directly owned 30,000 shares of the company's stock, valued at $3,072,900. The trade was a 96.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president directly owned 12,976 shares of the company's stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock valued at $113,157,408 in the last three months. 3.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ANET shares. Redburn Atlantic started coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective on the stock. Rosenblatt Securities lifted their target price on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group reduced their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a research report on Wednesday, June 11th. Finally, Piper Sandler restated a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $109.33.

Arista Networks Trading Up 1.3%

Shares of NYSE ANET opened at $102.45 on Monday. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The stock has a fifty day simple moving average of $92.93 and a 200-day simple moving average of $95.14. The stock has a market capitalization of $128.66 billion, a PE ratio of 43.36, a PEG ratio of 2.99 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $1.97 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The company's revenue was up 27.6% on a year-over-year basis. On average, equities analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has approved 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 repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors 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.

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