waypoint wealth counsel Acquires New Position in Arista Networks, Inc. (NYSE:ANET)

waypoint wealth counsel purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,407 shares of the technology company's stock, valued at approximately $264,000.

Several other institutional investors have also recently made changes to their positions in the business. Capital Advisors Ltd. LLC lifted its position in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares in the last quarter. Quarry LP increased its stake in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the last quarter. Dunhill Financial LLC raised its holdings in shares of Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares in the last quarter. McIlrath & Eck LLC bought a new position in shares of Arista Networks during the 4th quarter valued at approximately $35,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Arista Networks during the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ANET. Rosenblatt Securities upped their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and upped their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Piper Sandler reiterated a "neutral" rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Morgan Stanley upped their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Finally, KGI Securities lowered Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $109.33.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the 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 sale, the director now directly owns 7,480 shares of the company's stock, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 161,690 shares of company stock worth $14,525,085 in the last three months. Corporate insiders own 3.39% of the company's stock.

Arista Networks Price Performance

Shares of NYSE:ANET traded up $5.40 during trading on Thursday, reaching $101.71. 15,250,168 shares of the company were exchanged, compared to its average volume of 9,081,478. The business's fifty day simple moving average is $88.81 and its 200-day simple moving average is $95.73. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The firm has a market capitalization of $127.74 billion, a PE ratio of 42.66, a P/E/G ratio of 2.82 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results 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 analyst estimates of $1.97 billion. During the same period in the previous year, the company posted $0.50 EPS. Arista Networks's revenue was up 27.6% on a year-over-year basis. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has approved a share buyback plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

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.