Summit Trail Advisors LLC Acquires 100 Shares of Arista Networks, Inc. (NYSE:ANET)

Summit Trail Advisors LLC lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 6.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,606 shares of the technology company’s stock after acquiring an additional 100 shares during the quarter. Summit Trail Advisors LLC’s holdings in Arista Networks were worth $378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. AXQ Capital LP purchased a new stake in shares of Arista Networks during the 3rd quarter valued at about $791,000. Advisor Resource Council lifted its position in Arista Networks by 507.9% during the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock valued at $1,653,000 after purchasing an additional 5,866 shares during the period. Bleakley Financial Group LLC boosted its holdings in Arista Networks by 4.6% in the fourth quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock worth $1,047,000 after purchasing an additional 194 shares during the last quarter. WCM Investment Management LLC grew its position in Arista Networks by 0.5% in the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after purchasing an additional 16,081 shares during the period. Finally, abrdn plc raised its stake in Arista Networks by 62.7% during the 4th quarter. abrdn plc now owns 113,851 shares of the technology company’s stock valued at $26,813,000 after buying an additional 43,889 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $922,301.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $284.31, for a total value of $5,686,200.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $922,301.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 278 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $265.81, for a total value of $73,895.18. Following the sale, the director now directly owns 2,553 shares in the company, valued at $678,612.93. The disclosure for this sale can be found here. Insiders sold 337,054 shares of company stock valued at $96,529,086 in the last 90 days. Insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 3.7 %

Shares of ANET opened at $284.07 on Wednesday. Arista Networks, Inc. has a 12-month low of $133.42 and a 12-month high of $307.74. The company has a market capitalization 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 business’s 50 day moving average is $279.22 and its 200 day moving average is $251.25.

Arista Networks (NYSE:ANET) last released 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 the consensus estimate 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 in the previous year, the firm earned $1.25 earnings per share. Equities research analysts predict that Arista Networks, Inc. will post 6.74 earnings per share for the current year.

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

Analyst Ratings Changes

Several analysts recently commented on the company. Piper Sandler lifted their price objective on Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. Wells Fargo & Company increased their price objective on shares of Arista Networks from $225.00 to $310.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research report on Wednesday. Barclays increased their price target on shares of Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. Finally, Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $285.53.

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.