Arista Networks, Inc. (NYSE:ANET) Shares Acquired by RMR Wealth Builders

RMR Wealth Builders increased its stake in Arista Networks, Inc. (NYSE:ANET) by 12.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 6,968 shares of the technology company’s stock after purchasing an additional 753 shares during the quarter. RMR Wealth Builders’ holdings in Arista Networks were worth $1,641,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Rakuten Securities Inc. acquired a new stake in Arista Networks during the 4th quarter valued at approximately $35,000. Atticus Wealth Management LLC lifted its holdings in Arista Networks by 3,625.0% during the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after buying an additional 145 shares during the last quarter. Larson Financial Group LLC bought a new position in Arista Networks during the 3rd quarter worth approximately $28,000. Sandy Spring Bank lifted its holdings in Arista Networks by 33.6% during the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after buying an additional 39 shares during the last quarter. Finally, First Command Advisory Services Inc. bought a new position in Arista Networks during the 3rd quarter worth approximately $29,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling

In related news, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $265,739.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Yvonne Wassenaar sold 224 shares of Arista Networks stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total transaction of $57,184.96. Following the transaction, the director now owns 2,827 shares in the company, valued at $721,704.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The disclosure for this sale can be found here. Insiders have sold 337,054 shares of company stock worth $96,529,086 in the last three months. 3.54% of the stock is currently owned by insiders.

Arista Networks Stock Performance

Shares of ANET stock opened at $291.01 on Thursday. 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 $90.98 billion, a PE ratio of 44.39, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13. The business’s fifty day moving average is $279.22 and its 200-day moving average is $251.25.

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

Arista Networks declared that its Board of Directors has authorized a share repurchase plan on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

ANET has been the topic of a number of research analyst reports. KeyCorp increased their target price on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays raised their price target on Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. JMP Securities reissued a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a report on Tuesday, February 13th. Piper Sandler raised their price target on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Rosenblatt Securities reissued a “sell” rating and issued a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $292.50.

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.