Chapin Davis Inc. Acquires 1,098 Shares of Arista Networks, Inc. (NYSE:ANET)

Chapin Davis Inc. raised its stake in Arista Networks, Inc. (NYSE:ANET) by 8.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,739 shares of the technology company’s stock after acquiring an additional 1,098 shares during the quarter. Arista Networks comprises approximately 1.6% of Chapin Davis Inc.’s investment portfolio, making the stock its 14th biggest holding. Chapin Davis Inc.’s holdings in Arista Networks were worth $4,274,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew 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 buying an additional 1,596,040 shares during the period. Capital World Investors grew its holdings in 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 acquiring an additional 55,312 shares during the period. WCM Investment Management LLC boosted its position in shares of Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after purchasing an additional 16,081 shares during the last quarter. Norges Bank acquired a new stake in shares of Arista Networks during the fourth quarter worth $586,051,000. Finally, Jennison Associates LLC lifted its stake in Arista Networks by 0.8% in the fourth quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock valued at $425,683,000 after buying an additional 14,627 shares during the period. 82.47% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Arista Networks news, Director Daniel Scheinman sold 1,000 shares of Arista Networks stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $328.17, for a total transaction of $328,170.00. Following the transaction, the director now directly owns 37,732 shares of the company’s stock, valued at approximately $12,382,510.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $940,922.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel Scheinman sold 1,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the transaction, the director now owns 37,732 shares in the company, valued at $12,382,510.44. The disclosure for this sale can be found here. Insiders have sold 185,330 shares of company stock valued at $56,907,187 in the last ninety days. 3.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ANET shares. Barclays increased their price target on Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Evercore ISI boosted their price objective on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Monday, May 20th. Piper Sandler increased 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. Bank of America boosted their price target on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Finally, Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $240.00 to $320.00 in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $311.50.

Arista Networks Stock Performance

Shares of ANET stock opened at $351.85 on Monday. Arista Networks, Inc. has a fifty-two week low of $149.10 and a fifty-two week high of $356.18. The company has a market cap of $110.26 billion, a PE ratio of 48.81, a P/E/G ratio of 3.09 and a beta of 1.11. The stock’s fifty day moving average price is $303.42 and its two-hundred day moving average price is $279.70.

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

Arista Networks declared that its board has authorized a stock buyback program on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management 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.