Hyperion Capital Advisors LP Grows Stock Position in Arista Networks, Inc. (NYSE:ANET)

Hyperion Capital Advisors LP boosted its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 300.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,228 shares of the technology company's stock after acquiring an additional 18,171 shares during the quarter. Arista Networks accounts for approximately 1.4% of Hyperion Capital Advisors LP's investment portfolio, making the stock its 16th biggest position. Hyperion Capital Advisors LP's holdings in Arista Networks were worth $2,678,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ANET. Principal Financial Group Inc. boosted its stake in shares of Arista Networks by 9.3% in the 3rd quarter. Principal Financial Group Inc. now owns 339,556 shares of the technology company's stock valued at $130,328,000 after buying an additional 29,006 shares during the period. ORG Partners LLC boosted its stake in shares of Arista Networks by 179.7% in the 4th quarter. ORG Partners LLC now owns 400 shares of the technology company's stock valued at $44,000 after buying an additional 257 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Arista Networks by 0.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 82,495 shares of the technology company's stock valued at $9,118,000 after buying an additional 562 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of Arista Networks by 308.2% in the 4th quarter. Harbor Capital Advisors Inc. now owns 10,809 shares of the technology company's stock valued at $1,195,000 after buying an additional 8,161 shares during the period. Finally, HBW Advisory Services LLC boosted its stake in shares of Arista Networks by 329.1% in the 4th quarter. HBW Advisory Services LLC now owns 3,141 shares of the technology company's stock valued at $347,000 after buying an additional 2,409 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 138,351 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the transaction, the chief executive officer now directly owns 92,641 shares of the company's stock, valued at $8,697,137.08. The trade was a 59.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold a total of 412,355 shares of company stock worth $37,216,079 over the last three months. 3.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ANET shares. Evercore ISI cut their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. KGI Securities lowered Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Barclays cut their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Piper Sandler reissued a "neutral" rating and set a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Finally, The Goldman Sachs Group cut their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $107.14.

Arista Networks Price Performance

Shares of NYSE:ANET traded up $0.61 during trading on Wednesday, reaching $97.86. The company had a trading volume of 11,716,798 shares, compared to its average volume of 9,079,357. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm has a market capitalization of $122.90 billion, a price-to-earnings ratio of 44.08, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The stock's fifty day moving average price is $79.29 and its 200 day moving average price is $97.25.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly 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 29.91% and a net margin of 40.72%. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the business earned $0.50 earnings per share. The company's revenue for the quarter was up 27.6% compared to the same quarter last year. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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