Summit Trail Advisors LLC Has $378,000 Position in Arista Networks, Inc. (NYSE:ANET)

Summit Trail Advisors LLC raised its position in Arista Networks, Inc. (NYSE:ANET) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,606 shares of the technology company’s stock after buying an additional 100 shares during the quarter. Summit Trail Advisors LLC’s holdings in Arista Networks were worth $378,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ANET. AXQ Capital LP bought a new stake in Arista Networks during the third quarter worth $791,000. Advisor Resource Council lifted its holdings in shares of Arista Networks by 507.9% in the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after acquiring an additional 5,866 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in shares of Arista Networks by 4.6% in the 4th quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock valued at $1,047,000 after purchasing an additional 194 shares in the last quarter. WCM Investment Management LLC grew its holdings in shares of 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 valued at $716,649,000 after purchasing an additional 16,081 shares during the last quarter. Finally, abrdn plc lifted its stake in Arista Networks by 62.7% in the 4th quarter. abrdn plc now owns 113,851 shares of the technology company’s stock valued at $26,813,000 after purchasing an additional 43,889 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 87,418 shares of Arista Networks stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $278.81, for a total value of $24,373,012.58. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $4,929,639.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Jayshree Ullal sold 87,418 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $278.81, for a total value of $24,373,012.58. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,929,639.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Marc Taxay sold 1,044 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $265,739.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 337,054 shares of company stock worth $96,529,086. Insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

ANET has been the topic of several research reports. Piper Sandler boosted their price target on Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. JMP Securities restated a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a research report on Tuesday, February 13th. Evercore ISI reiterated an “outperform” rating and set a $300.00 price target on shares of Arista Networks in a report on Wednesday, March 27th. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Arista Networks in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $285.53.

Arista Networks Trading Up 3.7 %

Shares of NYSE:ANET opened at $284.07 on Wednesday. Arista Networks, Inc. has a 1-year low of $133.42 and a 1-year high of $307.74. The stock has a market cap of $88.81 billion, a PE ratio of 41.70, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13. The stock’s fifty day simple moving average is $279.22 and its two-hundred day simple moving average is $251.25.

Arista Networks (NYSE:ANET) last posted its earnings results on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping the consensus estimate of $1.70 by $0.38. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.25 EPS. On average, sell-side analysts forecast that Arista Networks, Inc. will post 6.74 earnings per share for the current fiscal year.

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