Zega Financial LLC Purchases 501 Shares of Arista Networks, Inc. (NYSE:ANET)

Zega Financial LLC boosted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 12.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,430 shares of the technology company’s stock after purchasing an additional 501 shares during the period. Arista Networks comprises 0.3% of Zega Financial LLC’s holdings, making the stock its 25th biggest holding. Zega Financial LLC’s holdings in Arista Networks were worth $1,553,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Arista Networks by 5.7% during the fourth 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 last quarter. Capital World Investors lifted its holdings in Arista Networks by 0.5% during 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 in the last quarter. WCM Investment Management LLC lifted its holdings in Arista Networks by 0.8% during 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 buying an additional 25,196 shares in the last quarter. GQG Partners LLC purchased a new stake in Arista Networks in the 1st quarter valued at about $881,848,000. Finally, Swedbank AB bought a new position in Arista Networks in the 1st quarter worth about $521,767,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Up 0.5 %

ANET stock opened at $360.97 on Wednesday. Arista Networks, Inc. has a 52-week low of $168.25 and a 52-week high of $376.50. The firm has a market cap of $113.11 billion, a P/E ratio of 50.27, a PEG ratio of 2.70 and a beta of 1.07. The company’s 50-day simple moving average is $340.74 and its 200-day simple moving average is $315.02.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the firm posted $1.41 EPS. Arista Networks’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ANET shares. Evercore ISI reaffirmed an “outperform” rating and set a $400.00 target price on shares of Arista Networks in a research report on Friday, September 13th. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Citigroup boosted their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Barclays upped their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $358.63.

Insider Activity

In related news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. The disclosure for this sale can be found here. Insiders have sold 106,989 shares of company stock worth $37,891,416 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

About Arista Networks

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.