BlueChip Wealth Advisors LLC Invests $217,000 in Arista Networks, Inc. (NYSE:ANET)

BlueChip Wealth Advisors LLC purchased a new position in Arista Networks, Inc. (NYSE:ANETFree Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 923 shares of the technology company’s stock, valued at approximately $217,000.

Several other hedge funds have also recently modified their holdings of ANET. Vanguard Group Inc. grew its holdings in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares during the period. FMR LLC grew its holdings in shares of Arista Networks by 32.2% in the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after acquiring an additional 2,515,864 shares during the period. Capital World Investors grew its holdings in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after acquiring an additional 55,312 shares during the period. WCM Investment Management LLC grew its holdings in shares of Arista Networks by 0.5% in the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after acquiring an additional 16,081 shares during the period. Finally, Norges Bank bought a new stake in shares of Arista Networks in the fourth quarter worth $586,051,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Evercore ISI boosted their target price on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Monday, May 20th. 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. UBS Group upped 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, May 8th. Piper Sandler upped their target price on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Finally, The Goldman Sachs Group upped their target price on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $298.17.

Check Out Our Latest Research Report on Arista Networks

Arista Networks Stock Performance

ANET stock traded up $11.44 during midday trading on Monday, reaching $339.94. The stock had a trading volume of 3,291,158 shares, compared to its average volume of 2,508,689. The firm has a fifty day simple moving average of $291.11 and a two-hundred day simple moving average of $272.17. The stock has a market cap of $106.52 billion, a PE ratio of 47.35, a P/E/G ratio of 2.97 and a beta of 1.08. Arista Networks, Inc. has a 52-week low of $148.32 and a 52-week high of $341.87.

Arista Networks (NYSE:ANETGet Free Report) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. 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 of Directors has initiated a share repurchase plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,057,154.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $325.88, for a total value of $6,517,600.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,057,154.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $293.14, for a total value of $243,892.48. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at $5,183,008.34. The disclosure for this sale can be found here. Insiders have sold 299,950 shares of company stock worth $90,841,430 in the last ninety days. Company insiders own 3.54% of the company’s stock.

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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