Seven Eight Capital LP Purchases Shares of 2,227 Arista Networks, Inc. (NYSE:ANET)

Seven Eight Capital LP purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,227 shares of the technology company’s stock, valued at approximately $646,000.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of Arista Networks in the fourth quarter worth about $586,051,000. Vanguard Group Inc. boosted its stake 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 buying an additional 1,596,040 shares during the last quarter. International Assets Investment Management LLC boosted its stake 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 buying an additional 611,312 shares during the last quarter. TD Asset Management Inc boosted its stake in Arista Networks by 145.5% during the fourth quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock valued at $187,215,000 after buying an additional 471,099 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in Arista Networks by 29.9% during the fourth quarter. Schroder Investment Management Group now owns 1,635,783 shares of the technology company’s stock valued at $385,243,000 after buying an additional 376,478 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE ANET traded down $20.78 during mid-day trading on Wednesday, hitting $325.87. The company had a trading volume of 2,593,480 shares, compared to its average volume of 2,435,684. The company has a market capitalization of $102.11 billion, a PE ratio of 46.61, a price-to-earnings-growth ratio of 3.02 and a beta of 1.11. Arista Networks, Inc. has a 1-year low of $149.10 and a 1-year high of $376.50. The business’s 50-day simple moving average is $330.79 and its 200 day simple moving average is $294.11.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. On average, analysts expect that Arista Networks, Inc. will post 7.06 EPS for the current 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 shares. This repurchase authorization permits the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ANET. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research report on Wednesday, May 8th. Piper Sandler boosted their price target on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. KeyCorp boosted their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Rosenblatt Securities restated a “sell” rating and set a $210.00 target price on shares of Arista Networks in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $333.12.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the sale, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the sale, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Marc Taxay sold 1,044 shares of the firm’s 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 have sold a total of 210,076 shares of company stock worth $68,928,479 over the last ninety days. Corporate insiders own 3.54% of the company’s stock.

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.