UniSuper Management Pty Ltd Purchases 6,133 Shares of Arista Networks, Inc. (NYSE:ANET)

UniSuper Management Pty Ltd raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 20.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,329 shares of the technology company’s stock after purchasing an additional 6,133 shares during the period. UniSuper Management Pty Ltd’s holdings in Arista Networks were worth $10,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. NBC Securities Inc. raised its holdings in shares of Arista Networks by 21.5% in the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after buying an additional 38 shares during the period. Sandy Spring Bank raised its holdings in shares of Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after buying an additional 39 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Arista Networks by 6.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock worth $163,000 after buying an additional 39 shares during the period. Fulton Breakefield Broenniman LLC raised its holdings in shares of Arista Networks by 1.8% in the fourth quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock worth $531,000 after buying an additional 40 shares during the period. Finally, West Family Investments Inc. raised its holdings in shares of Arista Networks by 3.3% in the fourth quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock worth $298,000 after buying an additional 40 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In other news, insider John F. Mccool sold 416 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $105,888.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction that occurred on 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 transaction, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John F. Mccool sold 416 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $105,888.64. The disclosure for this sale can be found here. Insiders have sold a total of 210,076 shares of company stock worth $68,928,479 in the last ninety days. Insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

ANET stock traded up $4.41 during trading on Tuesday, hitting $346.65. The stock had a trading volume of 1,218,972 shares, compared to its average volume of 2,434,552. 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 $108.63 billion, a P/E ratio of 48.28, a PEG ratio of 2.91 and a beta of 1.11. The company’s 50-day moving average price is $330.79 and its two-hundred day moving average price is $294.11.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. As a group, sell-side analysts expect that Arista Networks, Inc. will post 7.06 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Barclays raised their price objective on Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. JPMorgan Chase & Co. raised their price objective on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Citigroup raised their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Piper Sandler raised their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Finally, Wells Fargo & Company increased their target price on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $330.18.

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.