Arkadios Wealth Advisors Has $7.38 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Arkadios Wealth Advisors boosted its stake in Arista Networks, Inc. (NYSE:ANET) by 691.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,275 shares of the technology company’s stock after purchasing an additional 83,236 shares during the quarter. Arkadios Wealth Advisors’ holdings in Arista Networks were worth $7,382,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Quarry LP lifted its stake in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after buying an additional 206 shares in the last quarter. Dunhill Financial LLC lifted its stake in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock valued at $29,000 after buying an additional 212 shares in the last quarter. McIlrath & Eck LLC bought a new position in shares of Arista Networks in the fourth quarter valued at $35,000. Aster Capital Management DIFC Ltd bought a new position in shares of Arista Networks in the fourth quarter valued at $37,000. Finally, HighMark Wealth Management LLC lifted its stake in shares of Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company’s stock valued at $28,000 after buying an additional 230 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on ANET shares. JPMorgan Chase & Co. raised their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Citigroup raised their price objective on shares of Arista Networks from $112.00 to $123.00 and gave the company a “buy” rating in a research note on Friday, July 11th. Piper Sandler reaffirmed a “neutral” rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. KGI Securities lowered shares of Arista Networks to a “neutral” rating in a research note on Wednesday, May 7th. Finally, Wedbush started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an “outperform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.40.

Arista Networks Stock Performance

NYSE ANET opened at $118.71 on Wednesday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.57. The company has a 50-day simple moving average of $99.74 and a 200 day simple moving average of $94.84. The company has a market capitalization of $149.09 billion, a PE ratio of 50.25, a price-to-earnings-growth ratio of 3.42 and a beta of 1.40.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the company posted $0.50 earnings per share. The firm’s quarterly revenue was up 27.6% compared to the same quarter last year. As a group, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has authorized a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the transaction, the chief executive officer owned 30,000 shares in the company, valued at $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the completion of the transaction, the senior vice president owned 12,976 shares of the company’s stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,239,440 shares of company stock valued at $126,362,429 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

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.