Pitcairn Co. Takes $266,000 Position in Arista Networks, Inc. (NYSE:ANET)

Pitcairn Co. acquired a new position in Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 918 shares of the technology company’s stock, valued at approximately $266,000.

A number of other hedge funds also recently bought and sold shares of ANET. Benjamin Edwards Inc. purchased a new stake in shares of Arista Networks during the 1st quarter valued at about $26,000. Financial Synergies Wealth Advisors Inc. grew its position in Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares during the period. Rakuten Securities Inc. purchased a new stake in Arista Networks during the fourth quarter valued at approximately $35,000. Sandy Spring Bank raised its position in Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after acquiring an additional 39 shares during the period. Finally, Alaska Permanent Fund Corp purchased a new position in shares of Arista Networks during the 1st quarter worth $37,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Down 3.6 %

Shares of NYSE:ANET opened at $314.12 on Friday. The company has a market capitalization of $98.43 billion, a price-to-earnings ratio of 43.75, a PEG ratio of 2.87 and a beta of 1.11. Arista Networks, Inc. has a 12 month low of $149.10 and a 12 month high of $376.50. The firm’s 50-day moving average is $330.66 and its 200 day moving average is $294.47.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. As a group, equities analysts forecast that Arista Networks, Inc. will post 7.06 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 buy up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ANET shares. Wells Fargo & Company raised their target price on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday. Piper Sandler raised their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. UBS Group boosted their price objective on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and lifted their price target for the company from $240.00 to $320.00 in a report on Friday, May 3rd. Finally, KeyCorp lifted their target price on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $333.12.

Insider Transactions at Arista Networks

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

Arista Networks 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.