Financial Advisors Network Inc. Takes $241,000 Position in Arista Networks, Inc. (NYSE:ANET)

Financial Advisors Network Inc. acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,024 shares of the technology company’s stock, valued at approximately $241,000.

A number of other institutional investors also recently made changes to their positions in ANET. Larson Financial Group LLC purchased a new position in Arista Networks in the third quarter valued at about $28,000. First Command Advisory Services Inc. bought a new position in Arista Networks during the 3rd quarter worth approximately $29,000. NBC Securities Inc. bought a new position in Arista Networks during the 3rd quarter worth approximately $33,000. Atticus Wealth Management LLC lifted its holdings in Arista Networks by 3,625.0% during the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after buying an additional 145 shares during the last quarter. Finally, Rakuten Securities Inc. bought a new position in Arista Networks during the 4th quarter worth approximately $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Piper Sandler increased their price target on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. KeyCorp raised their target price on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. UBS Group raised their target price on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and raised their target price for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Arista Networks in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $295.22.

Insider Activity

In related news, CEO Jayshree Ullal sold 87,418 shares of Arista Networks 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 completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $4,929,639.61. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Kelly Bodnar Battles sold 356 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $274.91, for a total value of $97,867.96. Following the transaction, the director now owns 2,570 shares of the company’s stock, valued at $706,518.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jayshree Ullal sold 87,418 shares of the business’s stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,929,639.61. The disclosure for this sale can be found here. In the last quarter, insiders have sold 394,836 shares of company stock worth $115,437,764. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Performance

ANET traded down $21.25 during midday trading on Thursday, reaching $295.25. The company had a trading volume of 2,885,675 shares, compared to its average volume of 2,513,775. The business has a 50-day moving average price of $286.42 and a two-hundred day moving average price of $260.16. Arista Networks, Inc. has a 12-month low of $139.18 and a 12-month high of $329.04. The stock has a market cap of $92.52 billion, a PE ratio of 40.44, a P/E/G ratio of 2.87 and a beta of 1.13.

Arista Networks declared that its board has initiated a share repurchase program on Tuesday, May 7th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the technology company to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.