2,740 Shares in Arista Networks, Inc. (NYSE:ANET) Purchased by Disciplined Equity Management Inc.

Disciplined Equity Management Inc. bought a new position in Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,740 shares of the technology company’s stock, valued at approximately $795,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. purchased a new position in shares of Arista Networks in the first quarter worth approximately $26,000. Financial Synergies Wealth Advisors Inc. boosted its position in shares of Arista Networks by 872.7% in the first 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 during the period. Alaska Permanent Fund Corp acquired a new position in shares of Arista Networks in the first quarter valued at $37,000. Riverview Trust Co bought a new stake in shares of Arista Networks in the 1st quarter valued at approximately $40,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of Arista Networks in the 1st quarter worth about $42,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Trading Down 1.1 %

Shares of NYSE:ANET traded down $4.16 on Thursday, reaching $359.59. 1,930,450 shares of the company traded hands, compared to its average volume of 2,473,718. The stock has a market capitalization of $112.68 billion, a P/E ratio of 50.02, a price-to-earnings-growth ratio of 3.28 and a beta of 1.11. The business’s 50-day simple moving average is $320.51 and its 200 day simple moving average is $286.57. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $376.50.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. Sell-side analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current fiscal 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 reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have commented on ANET shares. Wells Fargo & Company upped their target price on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Piper Sandler lifted their target price on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. The Goldman Sachs Group upped their price target on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Evercore ISI raised their target price on shares of Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a report on Monday, May 20th. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Arista Networks in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $311.50.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider John F. Mccool sold 416 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $105,888.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at $1,202,550.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 210,076 shares of company stock valued at $68,928,479. 3.54% of the stock is owned by corporate insiders.

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.