Corient Private Wealth LLC Has $28.32 Million Position in Arista Networks, Inc. (NYSE:ANET)

Corient Private Wealth LLC grew its stake in Arista Networks, Inc. (NYSE:ANET) by 3.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 120,262 shares of the technology company’s stock after purchasing an additional 4,400 shares during the period. Corient Private Wealth LLC’s holdings in Arista Networks were worth $28,323,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Private Advisor Group LLC boosted its position in Arista Networks by 2.5% during the 3rd quarter. Private Advisor Group LLC now owns 4,137 shares of the technology company’s stock worth $761,000 after buying an additional 102 shares during the period. Larson Financial Group LLC acquired a new stake in Arista Networks during the 3rd quarter worth approximately $28,000. US Bancorp DE boosted its position in Arista Networks by 4.5% during the 3rd quarter. US Bancorp DE now owns 40,274 shares of the technology company’s stock worth $7,408,000 after buying an additional 1,738 shares during the period. Signaturefd LLC boosted its position in Arista Networks by 5.6% during the 3rd quarter. Signaturefd LLC now owns 5,967 shares of the technology company’s stock worth $1,098,000 after buying an additional 319 shares during the period. Finally, Syon Capital LLC acquired a new stake in Arista Networks during the 3rd quarter worth approximately $439,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ANET shares. Piper Sandler lifted their target price on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Wells Fargo & Company lifted their target price on shares of Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. KeyCorp lifted their target price on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. UBS Group boosted their price target on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $295.22.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $301.42 on Friday. Arista Networks, Inc. has a 52-week low of $139.18 and a 52-week high of $329.04. The business’s 50 day simple moving average is $286.76 and its two-hundred day simple moving average is $260.44. The firm has a market cap of $94.45 billion, a P/E ratio of 41.98, a PEG ratio of 2.86 and a beta of 1.13.

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

Insider Transactions at Arista Networks

In other news, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $265,739.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jayshree Ullal sold 87,418 shares of Arista Networks stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Marc Taxay sold 1,044 shares of Arista Networks 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 disclosure for this sale can be found here. Insiders have sold 396,350 shares of company stock valued at $115,916,018 over the last ninety days. 3.54% of the stock is 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.