Arista Networks, Inc. (NYSE:ANET) Shares Sold by Park Place Capital Corp

Park Place Capital Corp cut its position in shares of Arista Networks, Inc. (NYSE:ANET) by 48.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 651 shares of the technology company’s stock after selling 603 shares during the quarter. Park Place Capital Corp’s holdings in Arista Networks were worth $189,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of ANET. Norges Bank bought a new stake in shares of Arista Networks during the 4th quarter worth $586,051,000. Vanguard Group Inc. boosted its stake 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 acquiring an additional 1,596,040 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Arista Networks by 439.3% during the 3rd quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock worth $231,624,000 after acquiring an additional 1,025,815 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Arista Networks by 25,188.0% during the 4th quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock worth $1,445,420,000 after acquiring an additional 611,312 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Arista Networks by 294.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 745,634 shares of the technology company’s stock worth $175,604,000 after acquiring an additional 556,568 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on ANET shares. Evercore ISI raised their target price on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Monday, May 20th. Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and raised their target price for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. KeyCorp raised their target price on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Finally, Piper Sandler lifted their price objective on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $311.50.

Insider Transactions at Arista Networks

In other news, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction that occurred 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 filing with the SEC, which is available through this hyperlink. In related news, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 24,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $291.12, for a total transaction of $6,986,880.00. Following the completion of the transaction, the chief executive officer now owns 1,633,800 shares of the company’s stock, valued at approximately $475,631,856. The disclosure for this sale can be found here. Insiders have sold 210,330 shares of company stock valued at $65,582,187 in the last three months. 3.54% of the stock is owned by corporate insiders.

Arista Networks Trading Up 1.7 %

ANET traded up $6.13 on Monday, hitting $356.61. 1,629,551 shares of the stock traded hands, compared to its average volume of 2,516,509. The business has a fifty day moving average price of $303.42 and a two-hundred day moving average price of $279.70. The firm has a market capitalization of $111.75 billion, a PE ratio of 49.68, a P/E/G ratio of 3.09 and a beta of 1.11. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $357.57.

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

Arista Networks announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 7th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is 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.