3,200 Shares in Arista Networks, Inc. (NYSE:ANET) Acquired by Victrix Investment Advisors

Victrix Investment Advisors acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,200 shares of the technology company's stock, valued at approximately $354,000.

Other hedge funds have also recently bought and sold shares of the company. Vident Advisory LLC boosted its holdings in shares of Arista Networks by 493.4% in the 4th quarter. Vident Advisory LLC now owns 141,682 shares of the technology company's stock worth $15,660,000 after buying an additional 117,806 shares during the last quarter. Sovereign s Capital Management LLC purchased a new position in shares of Arista Networks in the 4th quarter worth about $2,461,000. Virtus Investment Advisers Inc. purchased a new position in shares of Arista Networks in the 4th quarter worth about $251,000. Visionary Wealth Advisors boosted its holdings in shares of Arista Networks by 324.3% in the 4th quarter. Visionary Wealth Advisors now owns 4,812 shares of the technology company's stock worth $532,000 after buying an additional 3,678 shares during the last quarter. Finally, Triglav Skladi D.O.O. purchased a new position in shares of Arista Networks in the 4th quarter worth about $2,244,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

NYSE ANET traded down $1.37 during trading on Friday, hitting $91.19. 7,449,715 shares of the company's stock traded hands, compared to its average volume of 8,984,525. The stock has a market capitalization of $114.52 billion, a price-to-earnings ratio of 41.08, a PEG ratio of 3.10 and a beta of 1.38. 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 $81.40 and a 200-day moving average of $97.03.

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

Arista Networks declared that its board has authorized a stock buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently weighed in on ANET. Piper Sandler reissued a "neutral" rating and issued a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Citigroup boosted their price target on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Morgan Stanley boosted their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Evercore ISI cut their price target 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. Finally, Barclays dropped their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $107.14.

Insider Activity

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total transaction of $712,240.00. Following the completion of the transaction, the director now owns 147,784 shares in the company, valued at approximately $13,157,209.52. This trade represents a 5.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 410,755 shares of company stock worth $37,043,825 over the last ninety days. Company insiders own 3.39% of the company's stock.

Arista Networks Company 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.