Arista Networks, Inc. (NYSE:ANET) Position Raised by Sunbelt Securities Inc.

Sunbelt Securities Inc. lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 352.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 294 shares of the technology company’s stock after acquiring an additional 229 shares during the period. Sunbelt Securities Inc.’s holdings in Arista Networks were worth $85,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of ANET. PNC Financial Services Group Inc. raised its stake in Arista Networks by 7.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock valued at $12,082,000 after acquiring an additional 3,763 shares in the last quarter. Lebenthal Global Advisors LLC acquired a new stake in Arista Networks in the fourth quarter worth about $662,000. AXQ Capital LP bought a new position in Arista Networks in the 3rd quarter valued at about $791,000. US Bancorp DE increased its stake in Arista Networks by 6.3% during the 4th quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock valued at $10,082,000 after buying an additional 2,535 shares during the period. Finally, Advisor Resource Council raised its position in shares of Arista Networks by 507.9% during the 4th quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after buying an additional 5,866 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $296.26, for a total transaction of $592,520.00. Following the transaction, the director now owns 58,946 shares in the company, valued at approximately $17,463,341.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $296.26, for a total transaction of $592,520.00. Following the sale, the director now directly owns 58,946 shares in the company, valued at $17,463,341.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Marc Taxay sold 1,040 shares of Arista Networks stock in a transaction on Monday, April 1st. The stock was sold at an average price of $292.28, for a total transaction of $303,971.20. The disclosure for this sale can be found here. Insiders sold a total of 212,950 shares of company stock valued at $64,987,920 in the last ninety days. Company insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

ANET stock opened at $350.48 on Friday. The company has a 50-day moving average of $303.42 and a two-hundred day moving average of $279.35. The stock has a market capitalization of $109.83 billion, a price-to-earnings ratio of 48.81, a price-to-earnings-growth ratio of 3.07 and a beta of 1.08. Arista Networks, Inc. has a 52-week low of $149.10 and a 52-week high of $355.22.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.24. The company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. Equities analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its board has authorized a stock repurchase plan on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Rosenblatt Securities reiterated a “sell” rating and set a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Wells Fargo & Company lifted their price target on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and upped their price objective for the company from $240.00 to $320.00 in a report on Friday, May 3rd. Piper Sandler lifted their target price on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Finally, Morgan Stanley raised their price objective on shares of Arista Networks from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $311.50.

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.