Everhart Financial Group Inc. Buys Shares of 714 Arista Networks, Inc. (NYSE:ANET)

Everhart Financial Group Inc. purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 714 shares of the technology company’s stock, valued at approximately $250,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Capital World Investors raised its position in Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after buying an additional 55,312 shares during the last quarter. WCM Investment Management LLC lifted its stake in Arista Networks by 0.8% in the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after acquiring an additional 25,196 shares in the last quarter. GQG Partners LLC acquired a new position in Arista Networks during the 1st quarter worth approximately $881,848,000. Finally, Norges Bank bought a new position in shares of Arista Networks during the 4th quarter worth approximately $586,051,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 17,752 shares of Arista Networks stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $354.29, for a total value of $6,289,356.08. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at approximately $6,264,201.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Marc Taxay sold 4,493 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $295.47, for a total transaction of $1,327,546.71. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 17,752 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $354.29, for a total value of $6,289,356.08. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $6,264,201.49. The disclosure for this sale can be found here. Over the last three months, insiders have sold 126,704 shares of company stock worth $43,975,690. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 0.8 %

Shares of NYSE:ANET traded up $2.96 during trading on Friday, reaching $355.13. 964,267 shares of the stock were exchanged, compared to its average volume of 2,402,217. The firm has a market cap of $111.28 billion, a PE ratio of 49.46, a PEG ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $376.50. The stock has a 50-day moving average price of $343.38 and a 200-day moving average price of $305.90.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.41 EPS. On average, sell-side analysts expect that Arista Networks, Inc. will post 7.29 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a stock 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have recently commented on ANET shares. Jefferies Financial Group boosted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Bank of America upped their target price on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Barclays boosted their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Piper Sandler upped their price target on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $353.38.

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.