Pallas Capital Advisors LLC Boosts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Pallas Capital Advisors LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 227.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,878 shares of the technology company’s stock after purchasing an additional 26,990 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Arista Networks were worth $3,012,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. DSG Capital Advisors LLC bought a new stake in Arista Networks during the 4th quarter valued at approximately $5,984,000. GHE LLC raised its stake in Arista Networks by 319.0% during the 4th quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after purchasing an additional 21,597 shares during the period. Colonial River Investments LLC raised its stake in Arista Networks by 327.6% during the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock valued at $1,077,000 after purchasing an additional 7,466 shares during the period. Unified Investment Management bought a new stake in Arista Networks during the 4th quarter valued at approximately $630,000. Finally, Berkshire Capital Holdings Inc. raised its stake in Arista Networks by 257.6% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock valued at $8,505,000 after purchasing an additional 55,430 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on 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 now owns 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director now owns 123,784 shares of the company’s stock, valued at approximately $10,915,273.12. The trade was a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock worth $9,360,205 in the last quarter. 3.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Piper Sandler reissued a “neutral” rating and set a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Citigroup increased their target price on Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. The Goldman Sachs Group lowered their target price on Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. lowered their target price on Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, Wedbush began coverage on Arista Networks in a research report on Wednesday, May 28th. They set an “outperform” rating for the company. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $107.47.

Arista Networks Stock Performance

NYSE ANET opened at $96.93 on Tuesday. The company has a market cap of $121.74 billion, a P/E ratio of 43.66, a P/E/G ratio of 3.10 and a beta of 1.37. The business’s 50 day moving average price is $83.76 and its 200-day moving average price is $96.52. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating 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 firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company posted $0.50 EPS. The company’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, equities analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has authorized a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management 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.