Aprio Wealth Management LLC Takes Position in Arista Networks, Inc. (NYSE:ANET)

Aprio Wealth Management LLC purchased a new stake in Arista Networks, Inc. (NYSE:ANET) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 668 shares of the technology company’s stock, valued at approximately $234,000.

Several other hedge funds also recently bought and sold shares of ANET. Benjamin Edwards Inc. purchased a new position in Arista Networks during the first quarter valued at approximately $26,000. Financial Synergies Wealth Advisors Inc. grew its stake 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 worth $31,000 after buying an additional 96 shares in the last quarter. Rakuten Securities Inc. purchased a new position in Arista Networks in the 4th quarter worth approximately $35,000. Sugarloaf Wealth Management LLC purchased a new position in Arista Networks in the 2nd quarter worth approximately $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Arista Networks in the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In related news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the sale, the director now directly owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the sale, the director now directly owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $293.14, for a total transaction of $243,892.48. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,183,008.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 208,808 shares of company stock valued at $68,934,611. 3.54% of the stock is owned by insiders.

Arista Networks Stock Up 5.4 %

Shares of NYSE:ANET traded up $17.17 during midday trading on Thursday, reaching $334.50. The company’s stock had a trading volume of 1,421,899 shares, compared to its average volume of 2,484,564. The firm has a 50 day moving average of $332.84 and a 200-day moving average of $299.27. The firm has a market capitalization of $104.82 billion, a P/E ratio of 44.61, a PEG ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company’s revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 EPS. On average, research analysts predict that Arista Networks, Inc. will post 7.29 EPS for the current year.

Arista Networks declared that its board has authorized a share repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ANET shares. Piper Sandler boosted their price target on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Morgan Stanley upped their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a research note on Wednesday, July 31st. Finally, Citigroup upped their price target on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $353.38.

Arista Networks Company 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.