Fisher Asset Management LLC Raises Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Fisher Asset Management LLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 15.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,134 shares of the technology company’s stock after buying an additional 1,075 shares during the quarter. Fisher Asset Management LLC’s holdings in Arista Networks were worth $1,916,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. AXQ Capital LP bought a new stake in Arista Networks in the third quarter worth $791,000. Advisor Resource Council boosted its stake in Arista Networks by 507.9% in the 4th quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after purchasing an additional 5,866 shares in the last quarter. Bleakley Financial Group LLC grew its position in Arista Networks by 4.6% during the 4th quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock valued at $1,047,000 after purchasing an additional 194 shares during the last quarter. WCM Investment Management LLC increased its stake in 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 purchasing an additional 16,081 shares in the last quarter. Finally, abrdn plc increased its stake in Arista Networks by 62.7% during the 4th quarter. abrdn plc now owns 113,851 shares of the technology company’s stock valued at $26,813,000 after purchasing an additional 43,889 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total value of $388,155.00. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $4,575,312.37. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total value of $388,155.00. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $4,575,312.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $284.31, for a total value of $5,686,200.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $922,301.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 337,054 shares of company stock valued at $96,529,086. 3.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Rosenblatt Securities reiterated a “sell” rating and set a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. UBS Group increased their target price on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. KeyCorp increased their price objective on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Barclays boosted their target price on Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $292.50.

Arista Networks Price Performance

NYSE:ANET opened at $291.67 on Thursday. Arista Networks, Inc. has a one year low of $133.42 and a one year high of $307.74. The business has a fifty day moving average price of $279.22 and a 200-day moving average price of $251.25. The firm has a market capitalization of $91.19 billion, a price-to-earnings ratio of 44.39, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.38. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. 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 previous year, the company posted $1.25 earnings per share. Arista Networks’s revenue for the quarter was up 20.8% on a year-over-year basis. On average, equities research analysts expect that Arista Networks, Inc. will post 6.74 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are 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.