753 Shares in Arista Networks, Inc. (NYSE:ANET) Purchased by Arkfeld Wealth Strategies L.L.C.

Arkfeld Wealth Strategies L.L.C. purchased a new position in Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 753 shares of the technology company’s stock, valued at approximately $217,000.

Other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Arista Networks during the 4th quarter valued at about $586,051,000. Vanguard Group Inc. boosted its holdings 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 valued at $6,946,338,000 after acquiring an additional 1,596,040 shares during the last quarter. Schroder Investment Management Group boosted its holdings 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 valued at $231,624,000 after acquiring an additional 1,025,815 shares during the last quarter. International Assets Investment Management LLC boosted its holdings 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 valued at $1,445,420,000 after acquiring an additional 611,312 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Arista Networks by 294.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 745,634 shares of the technology company’s stock worth $175,604,000 after buying an additional 556,568 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $296.26, for a total transaction of $592,520.00. Following the transaction, the director now owns 58,946 shares in the company, valued at $17,463,341.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Jayshree Ullal sold 24,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $292.28, for a total transaction of $7,014,720.00. Following the completion of the sale, the chief executive officer now directly owns 1,642,800 shares of the company’s stock, valued at $480,157,584. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $296.26, for a total transaction of $592,520.00. Following the sale, the director now directly owns 58,946 shares of the company’s stock, valued at $17,463,341.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 212,950 shares of company stock worth $64,987,920. Insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ANET shares. UBS Group raised their price objective on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Morgan Stanley raised their price objective on shares of Arista Networks from $300.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, June 12th. The Goldman Sachs Group raised their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Piper Sandler raised their price objective on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. One 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $306.78.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $0.17 on Wednesday, hitting $334.70. 1,733,362 shares of the company traded hands, compared to its average volume of 2,520,921. The business has a 50-day simple moving average of $298.01 and a 200 day simple moving average of $277.25. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $345.89. The stock has a market capitalization of $104.88 billion, a P/E ratio of 46.62, a price-to-earnings-growth ratio of 2.95 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. Research analysts expect that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

Arista Networks announced that its Board of Directors has initiated a share buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are 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.