Summit Financial LLC Makes New $381,000 Investment in Arista Networks, Inc. (NYSE:ANET)

Summit Financial LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 1,086 shares of the technology company’s stock, valued at approximately $381,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. acquired a new stake in shares of Arista Networks during the 1st quarter valued at $26,000. Beacon Capital Management LLC boosted its holdings in shares of Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares in the last quarter. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares in the last quarter. Byrne Asset Management LLC acquired a new stake in shares of Arista Networks during the 2nd quarter valued at $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new stake in shares of Arista Networks during the 2nd quarter valued at $35,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $326.72 on Wednesday. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The firm has a market capitalization of $102.38 billion, a price-to-earnings ratio of 45.50, a PEG ratio of 2.78 and a beta of 1.11. The business has a 50-day simple moving average of $344.37 and a 200 day simple moving average of $310.07.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the company posted $1.41 EPS. The firm’s revenue was up 15.9% compared to the same quarter last year. On average, sell-side analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Arista Networks announced that its board has approved a share repurchase program on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently issued reports on ANET. Piper Sandler raised their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. JPMorgan Chase & Co. raised their target price on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Citigroup raised their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Jefferies Financial Group raised their target price on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Rosenblatt Securities raised their target price on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $353.38.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 1,592 shares of Arista Networks stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $349.55, for a total transaction of $556,483.60. Following the completion of the transaction, the senior vice president now owns 186,600 shares in the company, valued at approximately $65,226,030. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Kenneth Duda sold 1,592 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $349.55, for a total value of $556,483.60. Following the transaction, the senior vice president now owns 186,600 shares in the company, valued at approximately $65,226,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jayshree Ullal sold 17,752 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $354.29, for a total value of $6,289,356.08. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $6,264,201.49. The disclosure for this sale can be found here. In the last quarter, insiders sold 120,387 shares of company stock worth $42,196,501. Insiders own 3.54% of the company’s stock.

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.