US Bancorp DE Raises Stake in Arista Networks, Inc. (NYSE:ANET)

US Bancorp DE boosted its position in Arista Networks, Inc. (NYSE:ANET) by 4.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 44,712 shares of the technology company’s stock after purchasing an additional 1,903 shares during the period. US Bancorp DE’s holdings in Arista Networks were worth $12,966,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Benjamin Edwards Inc. acquired a new position in Arista Networks in the first quarter valued at approximately $26,000. Financial Synergies Wealth Advisors Inc. grew its holdings in Arista Networks by 872.7% in the 1st 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 in the last quarter. Alaska Permanent Fund Corp purchased a new position in shares of Arista Networks during the 1st quarter worth $37,000. Riverview Trust Co purchased a new position in shares of Arista Networks during the 1st quarter worth $40,000. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of Arista Networks during the 1st quarter worth $42,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other news, Director Yvonne Wassenaar sold 223 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the completion of the sale, the director now owns 2,976 shares of the company’s stock, valued at $941,427.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the transaction, the director now owns 2,976 shares in the company, valued at $941,427.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 210,076 shares of company stock valued at $68,928,479. Company insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

ANET has been the subject of a number of research analyst reports. The Goldman Sachs Group raised their target price on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Rosenblatt Securities reissued a “sell” rating and set a $210.00 target price on shares of Arista Networks in a research report on Friday, April 12th. Evercore ISI raised their price target on Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research note on Tuesday. Piper Sandler raised their price target on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, UBS Group lifted their target price on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $317.22.

Arista Networks Trading Down 0.6 %

Shares of NYSE ANET traded down $2.19 during trading on Tuesday, reaching $358.23. The company had a trading volume of 1,603,212 shares, compared to its average volume of 2,448,992. Arista Networks, Inc. has a twelve month low of $149.10 and a twelve month high of $376.50. The stock has a market capitalization of $112.25 billion, a PE ratio of 50.04, a price-to-earnings-growth ratio of 3.20 and a beta of 1.11. The stock has a 50-day moving average price of $325.84 and a two-hundred day moving average price of $289.51.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.56 by $0.24. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. On average, sell-side analysts predict that Arista Networks, Inc. will post 7.05 EPS for the current year.

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

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.