Whitaker Myers Wealth Managers LTD. Purchases New Stake in Arista Networks, Inc. (NYSE:ANET)

Whitaker Myers Wealth Managers LTD. acquired a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,578 shares of the technology company's stock, valued at approximately $510,000.

A number of other hedge funds have also made changes to their positions in ANET. Capital Advisors Ltd. LLC grew its holdings in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after acquiring an additional 191 shares during the period. Fragasso Financial Advisors Inc boosted its position in shares of Arista Networks by 4.4% during the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company's stock valued at $360,000 after purchasing an additional 196 shares in the last quarter. Quarry LP boosted its position in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC grew its stake in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Finally, Tradewinds Capital Management LLC boosted its holdings in Arista Networks by 300.0% during the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock worth $34,000 after buying an additional 234 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the sale, the director now owns 123,784 shares of the company's stock, valued at $10,915,273.12. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock valued at $9,360,205 in the last 90 days. 3.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on ANET. KGI Securities downgraded Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Morgan Stanley upped their target price on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. The Goldman Sachs Group decreased their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Piper Sandler reiterated a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.47.

Arista Networks Stock Performance

ANET opened at $97.29 on Friday. The stock has a 50-day moving average of $83.43 and a 200-day moving average of $96.58. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The company has a market cap of $122.19 billion, a PE ratio of 43.82, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37.

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

Arista Networks announced that its board has authorized a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are 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.

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