Zions Bancorporation National Association UT Makes New Investment in Arista Networks, Inc. (NYSE:ANET)

Zions Bancorporation National Association UT bought a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,036 shares of the technology company's stock, valued at approximately $158,000.

Several other institutional investors also recently modified their holdings of the business. HighMark Wealth Management LLC boosted its position in Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares during the last quarter. Quarry LP raised its stake in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC raised its stake 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 purchasing an additional 212 shares during the period. Cloud Capital Management LLC purchased a new position in shares of Arista Networks in the 1st quarter worth about $30,000. Finally, McIlrath & Eck LLC bought a new position in Arista Networks during the fourth quarter valued at about $35,000. 82.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on ANET shares. JPMorgan Chase & Co. lifted their price objective on shares of Arista Networks from $130.00 to $150.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. KGI Securities downgraded Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Piper Sandler increased their price objective on Arista Networks from $89.00 to $143.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Barclays restated an "overweight" rating and issued a $151.00 target price (up from $119.00) on shares of Arista Networks in a research note on Thursday. Finally, Redburn Atlantic initiated coverage on Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target for the company. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $138.07.

Arista Networks Stock Down 0.1%

Shares of NYSE ANET opened at $139.15 on Monday. The stock's 50-day simple moving average is $105.60 and its two-hundred day simple moving average is $95.06. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $141.01. The firm has a market capitalization of $174.89 billion, a P/E ratio of 54.73, a P/E/G ratio of 3.47 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.65 by $0.08. The company had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.11 billion. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%. Arista Networks's revenue was up 30.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 earnings per share. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 1,785,165 shares of Arista Networks stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the completion of the sale, the chief executive officer directly owned 5,698,074 shares of the company's stock, valued at approximately $776,191,640.28. The trade was a 23.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 30,000 shares of the company's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the completion of the transaction, the senior vice president owned 12,976 shares of the company's stock, valued at $1,442,801.44. This trade represents a 69.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,228,907 shares of company stock worth $638,699,061 in the last three months. Insiders own 3.54% of the company's stock.

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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