CGN Advisors LLC Raises Stake in Arista Networks, Inc. (NYSE:ANET)

CGN Advisors LLC raised its position in Arista Networks, Inc. (NYSE:ANET) by 10.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 26,002 shares of the technology company’s stock after acquiring an additional 2,454 shares during the period. CGN Advisors LLC’s holdings in Arista Networks were worth $2,015,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Caitlin John LLC raised its position in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC raised its position in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after buying an additional 191 shares in the last quarter. Quarry LP raised its position in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 206 shares in the last quarter. Dunhill Financial LLC raised its holdings in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after purchasing an additional 212 shares in the last quarter. Finally, Tradewinds Capital Management LLC increased its position in shares of Arista Networks by 300.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company’s stock worth $34,000 after acquiring an additional 234 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Price Performance

ANET opened at $89.75 on Tuesday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The stock has a market cap of $112.72 billion, a P/E ratio of 40.43, a P/E/G ratio of 3.10 and a beta of 1.38. The stock’s 50 day moving average price is $82.05 and its 200 day moving average price is $96.56.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the firm posted $0.50 earnings per share. Arista Networks’s revenue was up 27.6% compared to the same quarter last year. Equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has approved a share repurchase plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now owns 139,784 shares of the company’s stock, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 177,690 shares of company stock valued at $15,442,765. 3.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ANET shares. Wedbush began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set an “outperform” rating for the company. Evercore ISI cut their price objective on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Citigroup boosted their price target on Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Redburn Atlantic assumed coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a “buy” rating and a $112.00 target price for the company. Finally, Piper Sandler reiterated a “neutral” rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $107.47.

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.