Vega Investment Solutions Purchases New Stake in Arista Networks, Inc. (NYSE:ANET)

Vega Investment Solutions purchased a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,072 shares of the technology company's stock, valued at approximately $892,000.

Several other institutional investors have also recently added to or reduced their stakes in ANET. MassMutual Private Wealth & Trust FSB raised its holdings in Arista Networks by 330.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 3,116 shares of the technology company's stock valued at $344,000 after acquiring an additional 2,392 shares in the last quarter. Pure Financial Advisors LLC acquired a new stake in Arista Networks in the fourth quarter valued at $213,000. Perpetual Ltd raised its holdings in Arista Networks by 28.3% in the fourth quarter. Perpetual Ltd now owns 7,316 shares of the technology company's stock valued at $809,000 after acquiring an additional 1,613 shares in the last quarter. Beaumont Financial Advisors LLC raised its holdings in Arista Networks by 282.2% in the fourth quarter. Beaumont Financial Advisors LLC now owns 3,100 shares of the technology company's stock valued at $343,000 after acquiring an additional 2,289 shares in the last quarter. Finally, Simon Quick Advisors LLC raised its holdings in shares of Arista Networks by 414.8% during the fourth quarter. Simon Quick Advisors LLC now owns 4,582 shares of the technology company's stock worth $506,000 after purchasing an additional 3,692 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction dated 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 transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 410,587 shares of company stock worth $37,028,000 in the last 90 days. Corporate insiders own 3.39% of the company's stock.

Arista Networks Stock Up 0.1%

ANET stock opened at $92.51 on Friday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm's 50-day simple moving average is $81.26 and its 200 day simple moving average is $97.10. The stock has a market cap of $116.19 billion, a PE ratio of 41.67, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Arista Networks's revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. Equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has authorized a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have weighed in on ANET shares. Rosenblatt Securities increased their target price on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Wells Fargo & Company reissued an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and increased their target price for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Piper Sandler reissued a "neutral" rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Finally, Evercore ISI dropped their target price on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $107.14.

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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