IFG Advisory LLC Invests $299,000 in Arista Networks, Inc. (NYSE:ANET)

IFG Advisory LLC acquired a new position in Arista Networks, Inc. (NYSE:ANET) during the second quarter, Holdings Channel.com reports. The firm acquired 853 shares of the technology company’s stock, valued at approximately $299,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ANET. Benjamin Edwards Inc. purchased a new stake in Arista Networks during the first quarter worth $26,000. Beacon Capital Management LLC boosted its holdings in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after buying an additional 65 shares in the last quarter. Financial Synergies Wealth Advisors Inc. boosted its holdings in Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after buying an additional 96 shares in the last quarter. Byrne Asset Management LLC purchased a new stake in Arista Networks during the second quarter worth $33,000. Finally, Sugarloaf Wealth Management LLC purchased a new stake in Arista Networks during the second quarter worth $35,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,057,154.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 120,387 shares of company stock worth $42,196,501. Insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. Morgan Stanley increased their price target on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Citigroup increased their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Bank of America increased their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Finally, Piper Sandler increased their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $353.38.

Arista Networks Trading Up 2.0 %

Arista Networks stock opened at $353.38 on Tuesday. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50. The stock has a market cap of $110.74 billion, a P/E ratio of 49.22, a PEG ratio of 2.78 and a beta of 1.11. The company has a 50-day moving average price of $344.53 and a 200 day moving average price of $309.62.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the business earned $1.41 earnings per share. Arista Networks’s revenue was up 15.9% compared to the same quarter last year. As a group, analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

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

About Arista Networks

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.