Bank Pictet & Cie Europe AG Invests $316,000 in Arista Networks, Inc. (NYSE:ANET)

Bank Pictet & Cie Europe AG bought a new stake in Arista Networks, Inc. (NYSE:ANET) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 903 shares of the technology company’s stock, valued at approximately $316,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Beacon Capital Management LLC grew its stake in Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares during the period. Atlantic Union Bankshares Corp acquired a new position in shares of Arista Networks during the second quarter worth about $773,000. McAdam LLC bought a new position in shares of Arista Networks during the second quarter worth about $258,000. LRI Investments LLC grew its holdings in shares of Arista Networks by 4,046.9% during the second quarter. LRI Investments LLC now owns 1,327 shares of the technology company’s stock worth $465,000 after buying an additional 1,295 shares in the last quarter. Finally, TrueWealth Advisors LLC acquired a new stake in Arista Networks in the 2nd quarter valued at approximately $303,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider John F. Mccool sold 2,575 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $354.38, for a total value of $912,528.50. Following the transaction, the insider now owns 72 shares in the company, valued at $25,515.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction 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 transaction, the chief executive officer now owns 1,600,800 shares in the company, valued at approximately $555,477,600. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John F. Mccool sold 2,575 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $354.38, for a total value of $912,528.50. Following the transaction, the insider now directly owns 72 shares of the company’s stock, valued at approximately $25,515.36. The disclosure for this sale can be found here. In the last three months, insiders sold 126,704 shares of company stock worth $43,975,690. 3.54% of the stock is currently owned by company insiders.

Arista Networks Price Performance

Arista Networks stock traded up $2.96 during midday trading on Friday, hitting $355.13. The company’s stock had a trading volume of 975,939 shares, compared to its average volume of 2,402,217. The company has a market cap of $111.28 billion, a price-to-earnings ratio of 49.46, a PEG ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $376.50. The company has a 50-day moving average price of $343.38 and a two-hundred day moving average price of $306.19.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating 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 for the quarter was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 earnings per share. Sell-side analysts forecast that Arista Networks, Inc. will post 7.29 EPS for the current year.

Arista Networks declared that its board has approved a share repurchase program on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

ANET has been the subject of a number of analyst reports. Bank of America raised their target price on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Jefferies Financial Group upped their price target on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Evercore ISI lifted their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. JPMorgan Chase & Co. boosted their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, KeyCorp raised their target price on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $353.38.

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.