Inspire Advisors LLC Grows Holdings in Arista Networks, Inc. (NYSE:ANET)

Inspire Advisors LLC boosted its stake in Arista Networks, Inc. (NYSE:ANET) by 6.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,443 shares of the technology company’s stock after acquiring an additional 143 shares during the period. Inspire Advisors LLC’s holdings in Arista Networks were worth $708,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of ANET. Meeder Advisory Services Inc. grew its stake in Arista Networks by 3.1% during the first quarter. Meeder Advisory Services Inc. now owns 3,780 shares of the technology company’s stock valued at $1,096,000 after acquiring an additional 112 shares in the last quarter. Sei Investments Co. grew its stake in Arista Networks by 11.6% during the first quarter. Sei Investments Co. now owns 476,440 shares of the technology company’s stock valued at $138,159,000 after acquiring an additional 49,663 shares in the last quarter. Concurrent Investment Advisors LLC grew its stake in Arista Networks by 23.2% during the first quarter. Concurrent Investment Advisors LLC now owns 1,851 shares of the technology company’s stock valued at $536,000 after acquiring an additional 349 shares in the last quarter. Atomi Financial Group Inc. grew its stake in Arista Networks by 2.0% during the first quarter. Atomi Financial Group Inc. now owns 4,071 shares of the technology company’s stock valued at $1,181,000 after acquiring an additional 81 shares in the last quarter. Finally, Reynders McVeigh Capital Management LLC purchased a new stake in shares of Arista Networks during the 1st quarter valued at $211,000. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. KeyCorp lifted their target price on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and boosted their price target for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. Morgan Stanley boosted their price target on shares of Arista Networks from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, June 12th. Rosenblatt Securities reiterated a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research note on Friday, April 12th. Finally, Evercore ISI upped their target price on shares of Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $317.22.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the sale, the chief executive officer now directly owns 1,615,800 shares of the company’s stock, valued at approximately $512,208,600. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total value of $7,925,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,615,800 shares of the company’s stock, valued at approximately $512,208,600. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 210,076 shares of company stock worth $68,928,479. 3.54% of the stock is owned by corporate insiders.

Arista Networks Stock Performance

Shares of ANET stock traded up $0.89 on Tuesday, hitting $361.31. 679,608 shares of the stock traded hands, compared to its average volume of 2,441,476. The firm’s 50-day moving average price is $325.84 and its two-hundred day moving average price is $289.51. Arista Networks, Inc. has a twelve month low of $149.10 and a twelve month high of $376.50. The stock has a market capitalization of $113.22 billion, a PE ratio of 50.04, a PEG ratio of 3.20 and a beta of 1.11.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.24. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. On average, equities research analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share buyback program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

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.