Onyx Bridge Wealth Group LLC Makes New $213,000 Investment in Arista Networks, Inc. (NYSE:ANET)

Onyx Bridge Wealth Group LLC purchased a new stake in Arista Networks, Inc. (NYSE:ANET) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 609 shares of the technology company’s stock, valued at approximately $213,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Commerzbank Aktiengesellschaft FI acquired a new position in Arista Networks during the 2nd quarter worth approximately $261,000. Carnegie Investment Counsel lifted its stake in Arista Networks by 356.6% in the second quarter. Carnegie Investment Counsel now owns 3,630 shares of the technology company’s stock valued at $1,272,000 after buying an additional 2,835 shares during the period. SeaCrest Wealth Management LLC increased its stake in Arista Networks by 2.4% in the second quarter. SeaCrest Wealth Management LLC now owns 6,596 shares of the technology company’s stock valued at $2,312,000 after purchasing an additional 153 shares in the last quarter. Pallas Capital Advisors LLC increased its position in Arista Networks by 103.3% in the 2nd quarter. Pallas Capital Advisors LLC now owns 1,858 shares of the technology company’s stock valued at $618,000 after buying an additional 944 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. bought a new position in shares of Arista Networks in the 2nd quarter worth $5,257,000. Institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Rosenblatt Securities boosted their price target on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Wells Fargo & Company increased their target price on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Piper Sandler increased their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Finally, Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. One 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $353.38.

Arista Networks Trading Up 0.6 %

ANET stock traded up $2.10 on Wednesday, hitting $355.89. The company had a trading volume of 1,192,966 shares, compared to its average volume of 2,419,093. Arista Networks, Inc. has a 12-month low of $168.25 and a 12-month high of $376.50. The stock has a market cap of $111.52 billion, a price-to-earnings ratio of 49.27, a P/E/G ratio of 2.70 and a beta of 1.11. The stock’s 50-day simple moving average is $341.54 and its 200 day simple moving average is $304.64.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm posted $1.41 EPS. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. Research analysts forecast that Arista Networks, Inc. will post 7.29 earnings per share for the current year.

Arista Networks announced that its board has authorized a share repurchase program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction 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 $1,202,550.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the sale, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The disclosure for this sale can be found here. In the last quarter, insiders have sold 106,377 shares of company stock worth $36,773,806. 3.54% of the stock is owned by corporate 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.