Financial Counselors Inc. Purchases New Position in Arista Networks, Inc. (NYSE:ANET)

Financial Counselors Inc. acquired a new position in Arista Networks, Inc. (NYSE:ANETFree Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 740 shares of the technology company’s stock, valued at approximately $215,000.

A number of other institutional investors have also recently made changes to their positions in ANET. Norges Bank purchased a new stake in shares of Arista Networks during the fourth quarter valued at approximately $586,051,000. Vanguard Group Inc. lifted its position in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. International Assets Investment Management LLC lifted its position in Arista Networks by 25,188.0% during the fourth quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after purchasing an additional 611,312 shares during the period. Assenagon Asset Management S.A. lifted its position in Arista Networks by 294.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 745,634 shares of the technology company’s stock valued at $175,604,000 after purchasing an additional 556,568 shares during the period. Finally, TD Asset Management Inc raised its position in Arista Networks by 145.5% in the fourth quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after acquiring an additional 471,099 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on ANET. KeyCorp increased their price target 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. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research note on Wednesday, May 8th. JPMorgan Chase & Co. lifted their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. The Goldman Sachs Group lifted 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, Piper Sandler raised their target price on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $311.50.

Get Our Latest Stock Analysis on Arista Networks

Insider Buying and Selling at Arista Networks

In other news, SVP Marc Taxay sold 1,044 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $255.83, for a total transaction of $511,660.00. Following the completion of the transaction, the director now owns 56,946 shares in the company, valued at $14,568,495.18. The disclosure for this sale can be found here. Insiders have sold a total of 190,076 shares of company stock valued at $61,514,479 over the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Trading Down 1.4 %

Shares of Arista Networks stock opened at $365.74 on Wednesday. The firm has a market capitalization of $114.61 billion, a price-to-earnings ratio of 50.94, a PEG ratio of 3.28 and a beta of 1.11. Arista Networks, Inc. has a 12-month low of $149.10 and a 12-month high of $376.50. The firm’s 50 day simple moving average is $318.34 and its two-hundred day simple moving average is $286.02.

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

Arista Networks announced that its board has initiated a share buyback program on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Arista Networks Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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