Northcape Wealth Management LLC Has $3.98 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Northcape Wealth Management LLC decreased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 1.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,361 shares of the technology company’s stock after selling 200 shares during the quarter. Arista Networks makes up 1.4% of Northcape Wealth Management LLC’s holdings, making the stock its 18th biggest position. Northcape Wealth Management LLC’s holdings in Arista Networks were worth $3,982,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. UniSuper Management Pty Ltd lifted its holdings in Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after purchasing an additional 6,133 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Arista Networks by 7.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock worth $12,082,000 after buying an additional 3,763 shares during the period. Central Pacific Bank Trust Division bought a new position in Arista Networks during the 1st quarter worth $1,405,000. M&G Plc bought a new position in Arista Networks during the 1st quarter worth $3,238,000. Finally, Lebenthal Global Advisors LLC bought a new position in Arista Networks during the 4th quarter worth $662,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Trading Up 0.8 %

ANET stock traded up $2.96 during mid-day trading on Friday, reaching $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 price-to-earnings-growth 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. The business’s 50 day moving average price is $343.38 and its 200 day moving average price is $306.19.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.41 earnings per share. As a group, equities analysts expect 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 stock buyback program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, 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 transaction of $8,675,000.00. Following the completion of the sale, the chief executive officer now owns 1,600,800 shares in the company, valued at $555,477,600. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, SVP Marc Taxay sold 4,493 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $295.47, for a total transaction of $1,327,546.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s 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 sale, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at approximately $555,477,600. The disclosure for this sale can be found here. Insiders sold a total of 126,704 shares of company stock worth $43,975,690 over the last quarter. 3.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler increased their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Rosenblatt Securities increased their price objective on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Citigroup increased their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Finally, Wells Fargo & Company raised their price target on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average target price 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.