Arista Networks, Inc. (NYSE:ANET) Shares Purchased by Apollon Wealth Management LLC

Apollon Wealth Management LLC lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 38.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,244 shares of the technology company’s stock after acquiring an additional 1,733 shares during the period. Apollon Wealth Management LLC’s holdings in Arista Networks were worth $1,471,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. AXQ Capital LP bought a new position in shares of Arista Networks during the 3rd quarter valued at about $791,000. Advisor Resource Council grew its position in Arista Networks by 507.9% in the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after buying an additional 5,866 shares during the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Arista Networks by 4.6% in the fourth quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock valued at $1,047,000 after buying an additional 194 shares in the last quarter. WCM Investment Management LLC lifted its position in shares of Arista Networks by 0.5% during the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after acquiring an additional 16,081 shares during the last quarter. Finally, abrdn plc boosted its stake in shares of Arista Networks by 62.7% during the 4th quarter. abrdn plc now owns 113,851 shares of the technology company’s stock worth $26,813,000 after acquiring an additional 43,889 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Up 6.5 %

Shares of ANET stock opened at $291.67 on Thursday. Arista Networks, Inc. has a 1 year low of $133.42 and a 1 year high of $307.74. The firm’s fifty day simple moving average is $279.22 and its 200 day simple moving average is $251.25. The firm has a market capitalization of $91.19 billion, a P/E ratio of 44.39, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business earned $1.25 earnings per share. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. Equities research analysts anticipate that Arista Networks, Inc. will post 6.74 EPS for the current fiscal year.

Arista Networks announced that its board has authorized a share buyback plan on Tuesday, May 7th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, SVP Marc Taxay sold 1,044 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Arista Networks news, insider John F. Mccool sold 416 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $105,888.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The disclosure for this sale can be found here. Insiders sold a total of 337,054 shares of company stock valued at $96,529,086 over the last ninety days. 3.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

ANET has been the subject of several analyst reports. Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and upped their target price for the company from $240.00 to $320.00 in a report on Friday, May 3rd. KeyCorp raised their target price on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a report on Wednesday. Piper Sandler boosted their price target on shares of Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a report on Wednesday. The Goldman Sachs Group raised their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, Barclays boosted their target price on shares of Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.50.

About Arista Networks

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.