Oxler Private Wealth LLC Boosts Stake in Arista Networks, Inc. (NYSE:ANET)

Oxler Private Wealth LLC increased its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 411.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 4,748 shares of the technology company's stock after purchasing an additional 3,820 shares during the period. Oxler Private Wealth LLC's holdings in Arista Networks were worth $1,377,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company's stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. FMR LLC boosted its position in shares of Arista Networks by 32.2% during the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company's stock worth $1,897,906,000 after purchasing an additional 2,515,864 shares during the period. Capital World Investors boosted its position in shares of Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company's stock worth $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC lifted its holdings in Arista Networks by 0.5% during the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company's stock worth $716,649,000 after buying an additional 16,081 shares in the last quarter. Finally, Norges Bank acquired a new stake in Arista Networks during the 4th quarter worth approximately $586,051,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ANET shares. Piper Sandler increased their target price on shares of Arista Networks from $268.00 to $302.00 and gave the stock a "neutral" rating in a report on Wednesday, May 8th. Evercore ISI increased their target price on shares of Arista Networks from $320.00 to $340.00 and gave the stock an "outperform" rating in a report on Monday. Oppenheimer reiterated a "market perform" rating on shares of Arista Networks in a report on Tuesday, February 13th. The Goldman Sachs Group raised their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the company a "buy" rating in a report on Friday, March 22nd. Finally, Needham & Company LLC restated a "buy" rating and issued a $320.00 price objective on shares of Arista Networks in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $295.22.

Insider Transactions at Arista Networks

In other news, Director Yvonne Wassenaar sold 224 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total transaction of $57,184.96. Following the transaction, the director now directly owns 2,827 shares in the company, valued at $721,704.83. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Yvonne Wassenaar sold 224 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total transaction of $57,184.96. Following the sale, the director now owns 2,827 shares of the company's stock, valued at $721,704.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Marc Taxay sold 11,650 shares of the business's stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $286.28, for a total transaction of $3,335,162.00. The disclosure for this sale can be found here. Insiders have sold a total of 400,434 shares of company stock worth $116,932,547 over the last ninety days. 3.54% of the stock is currently owned by company insiders.

Arista Networks Stock Performance

NYSE ANET traded down $2.40 during trading on Tuesday, reaching $316.99. The company's stock had a trading volume of 1,784,033 shares, compared to its average volume of 2,522,199. The firm has a market cap of $99.33 billion, a price-to-earnings ratio of 44.15, a P/E/G ratio of 2.89 and a beta of 1.13. Arista Networks, Inc. has a twelve month low of $139.18 and a twelve month high of $329.04. The business's fifty day moving average price is $285.70 and its 200-day moving average price is $259.76.

Arista Networks announced that its board has approved a share repurchase program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

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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