Atomi Financial Group Inc. Purchases 335 Shares of Arista Networks, Inc. (NYSE:ANET)

Atomi Financial Group Inc. grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 8.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,406 shares of the technology company’s stock after purchasing an additional 335 shares during the period. Atomi Financial Group Inc.’s holdings in Arista Networks were worth $1,544,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. FCG Investment Co raised its position in shares of Arista Networks by 2.3% in the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after buying an additional 29 shares in the last quarter. Old Port Advisors increased its stake in Arista Networks by 3.5% in the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after acquiring an additional 32 shares during the last quarter. Fortitude Family Office LLC raised its position in Arista Networks by 33.3% during the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock valued at $46,000 after purchasing an additional 33 shares in the last quarter. NBC Securities Inc. lifted its stake in Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after purchasing an additional 38 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Arista Networks by 6.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock valued at $163,000 after purchasing an additional 39 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ANET has been the subject of several recent analyst reports. Morgan Stanley upped their price objective on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Barclays increased their target price on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Piper Sandler lifted their price target 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. Bank of America increased their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $353.38.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $293.14, for a total transaction of $243,892.48. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,183,008.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Arista Networks news, SVP Marc Taxay sold 4,493 shares of the 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 document filed with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $293.14, for a total value of $243,892.48. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $5,183,008.34. The disclosure for this sale can be found here. Insiders have sold 126,704 shares of company stock valued at $43,975,690 in the last ninety days. 3.54% of the stock is owned by company insiders.

Arista Networks Trading Up 0.3 %

ANET stock traded up $0.93 during trading on Tuesday, hitting $345.62. The company had a trading volume of 1,168,318 shares, compared to its average volume of 2,388,544. The stock has a market cap of $108.30 billion, a PE ratio of 48.14, a PEG ratio of 2.70 and a beta of 1.11. The business has a 50-day moving average of $343.47 and a 200-day moving average of $306.95. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50.

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, topping 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 for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the company earned $1.41 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. Research 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 buyback program on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Arista Networks Company 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.