Arista Networks, Inc. (NYSE:ANET) Shares Bought by LVZ Inc.

LVZ Inc. increased its position in Arista Networks, Inc. (NYSE:ANET) by 53.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,590 shares of the technology company’s stock after buying an additional 551 shares during the quarter. LVZ Inc.’s holdings in Arista Networks were worth $557,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of ANET. Benjamin Edwards Inc. purchased a new stake in shares of Arista Networks during the first quarter valued at $26,000. Byrne Asset Management LLC acquired a new position in shares of Arista Networks in the second quarter worth about $33,000. Sugarloaf Wealth Management LLC acquired a new position in shares of Arista Networks in the second quarter worth about $35,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Arista Networks in the second quarter worth approximately $35,000. Finally, Brown Lisle Cummings Inc. acquired a new stake in shares of Arista Networks during the second quarter valued at approximately $35,000. Institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 4,493 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $295.47, for a total value of $1,327,546.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Marc Taxay sold 4,493 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $295.47, for a total value of $1,327,546.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $294.40, for a total transaction of $588,800.00. Following the sale, the director now owns 54,946 shares in the company, valued at $16,176,102.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 106,377 shares of company stock worth $36,773,806. 3.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on ANET. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Piper Sandler lifted their target price on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Bank of America increased their price target on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a research report on Wednesday, July 31st. Finally, Citigroup increased their target price on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $353.38.

Arista Networks Trading Up 0.2 %

Arista Networks stock traded up $0.86 on Friday, reaching $353.03. 595,565 shares of the stock were exchanged, compared to its average volume of 2,399,889. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $376.50. The firm has a fifty day moving average price of $342.85 and a two-hundred day moving average price of $305.33. The stock has a market cap of $110.63 billion, a PE ratio of 49.37, a PEG ratio of 2.70 and a beta of 1.11.

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

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