Nemes Rush Group LLC Acquires 69 Shares of Arista Networks, Inc. (NYSE:ANET)

Nemes Rush Group LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 12.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 629 shares of the technology company’s stock after acquiring an additional 69 shares during the quarter. Nemes Rush Group LLC’s holdings in Arista Networks were worth $148,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. CreativeOne Wealth LLC bought a new stake in Arista Networks during the 4th quarter worth approximately $206,000. Corient Private Wealth LLC grew its holdings in Arista Networks by 3.8% during the 4th quarter. Corient Private Wealth LLC now owns 120,262 shares of the technology company’s stock worth $28,323,000 after acquiring an additional 4,400 shares during the last quarter. D.A. Davidson & CO. grew its holdings in Arista Networks by 2.6% during the 4th quarter. D.A. Davidson & CO. now owns 8,234 shares of the technology company’s stock worth $1,939,000 after acquiring an additional 211 shares during the last quarter. Clearbridge Investments LLC boosted its stake in shares of Arista Networks by 17.7% in the 4th quarter. Clearbridge Investments LLC now owns 341,212 shares of the technology company’s stock valued at $80,359,000 after purchasing an additional 51,294 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Arista Networks by 11.5% in the 4th quarter. Wells Fargo & Company MN now owns 960,346 shares of the technology company’s stock valued at $226,171,000 after purchasing an additional 99,284 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ANET has been the topic of a number of analyst reports. Barclays upped their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. The Goldman Sachs Group upped their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. UBS Group upped their price objective on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and upped their price objective for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. Finally, Evercore ISI upped their price objective on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $295.22.

Arista Networks Stock Up 0.8 %

ANET traded up $2.38 during trading on Wednesday, hitting $319.37. 620,341 shares of the company’s stock were exchanged, compared to its average volume of 2,502,648. The business’s 50 day moving average is $285.70 and its two-hundred day moving average is $259.76. Arista Networks, Inc. has a fifty-two week low of $139.18 and a fifty-two week high of $329.04. The stock has a market cap of $100.08 billion, a P/E ratio of 44.52, a PEG ratio of 2.89 and a beta of 1.13.

Arista Networks announced that its board has initiated a stock buyback program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Arista Networks news, SVP Marc Taxay sold 11,650 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $286.28, for a total transaction of $3,335,162.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Jayshree Ullal sold 87,418 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $278.81, for a total value of $24,373,012.58. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at approximately $4,929,639.61. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 11,650 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $286.28, for a total transaction of $3,335,162.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 400,210 shares of company stock worth $116,875,362. Insiders own 3.54% of the company’s stock.

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.