Arlington Capital Management Inc. Takes $829,000 Position in Arista Networks, Inc. (NYSE:ANET)

Arlington Capital Management Inc. purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, HoldingsChannel reports. The fund purchased 3,520 shares of the technology company’s stock, valued at approximately $829,000.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Arista Networks by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 27,898,836 shares of the technology company’s stock valued at $5,131,433,000 after purchasing an additional 84,212 shares in the last quarter. FMR LLC boosted its position in Arista Networks by 32.2% during the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after buying an additional 2,515,864 shares during the period. WCM Investment Management LLC boosted its position 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 worth $716,649,000 after buying an additional 16,081 shares during the period. Northern Trust Corp boosted its position in Arista Networks by 5.0% during the 3rd quarter. Northern Trust Corp now owns 2,403,738 shares of the technology company’s stock worth $442,120,000 after buying an additional 114,978 shares during the period. Finally, Jennison Associates LLC boosted its position in Arista Networks by 0.8% during the 4th quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock worth $425,683,000 after buying an additional 14,627 shares during the period. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Up 0.2 %

Shares of NYSE:ANET traded up $0.70 during midday trading on Thursday, reaching $292.37. The company had a trading volume of 623,882 shares, compared to its average volume of 2,505,616. The company’s 50 day moving average price is $279.22 and its 200 day moving average price is $251.25. The stock has a market cap of $91.40 billion, a P/E ratio of 44.31, a P/E/G ratio of 2.33 and a beta of 1.13. Arista Networks, Inc. has a 52-week low of $133.42 and a 52-week high of $307.74.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, beating the consensus estimate of $1.70 by $0.38. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company’s revenue was up 20.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.25 earnings per share. Research analysts forecast that Arista Networks, Inc. will post 6.74 EPS for the current fiscal year.

Arista Networks declared that its board has authorized a stock buyback 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 repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently commented on ANET. Wells Fargo & Company lifted their target price on shares of Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. Piper Sandler lifted their target price on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research report on Wednesday. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Arista Networks in a report on Wednesday. Finally, Evercore ISI restated an “outperform” rating and set a $300.00 price target on shares of Arista Networks in a report on Wednesday, March 27th. One investment 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 presently has an average rating of “Moderate Buy” and a consensus price target of $293.00.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 87,418 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Jayshree Ullal sold 87,418 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $4,929,639.61. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Marc Taxay sold 1,044 shares of the company’s stock in a transaction dated 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 337,054 shares of company stock valued at $96,529,086 over the last three months. 3.54% of the stock is currently owned by insiders.

Arista Networks Company 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.