Syon Capital LLC Increases Holdings in Arista Networks, Inc. (NYSE:ANET)

Syon Capital LLC boosted its position in Arista Networks, Inc. (NYSE:ANET) by 18.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,821 shares of the technology company’s stock after buying an additional 435 shares during the period. Syon Capital LLC’s holdings in Arista Networks were worth $664,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its stake in shares of Arista Networks by 6.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 47,538 shares of the technology company’s stock valued at $8,744,000 after buying an additional 2,740 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Arista Networks by 40.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 164,206 shares of the technology company’s stock valued at $30,710,000 after acquiring an additional 47,179 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Arista Networks by 5.2% in the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,398 shares of the technology company’s stock valued at $257,000 after acquiring an additional 69 shares during the period. Kestra Advisory Services LLC boosted its position in Arista Networks by 33.8% in the 3rd quarter. Kestra Advisory Services LLC now owns 12,007 shares of the technology company’s stock worth $2,208,000 after purchasing an additional 3,034 shares in the last quarter. Finally, QRG Capital Management Inc. acquired a new stake in shares of Arista Networks during the 3rd quarter worth approximately $6,656,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ANET. Wells Fargo & Company increased their price target on shares of Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday. Barclays increased their price target on Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Evercore ISI increased their target price on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Monday, May 20th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Arista Networks in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $298.17.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 20,000 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $282.41, for a total transaction of $5,648,200.00. Following the sale, the chief executive officer now directly owns 1,683,300 shares in the company, valued at $475,380,753. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 20,000 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $282.41, for a total value of $5,648,200.00. Following the sale, the chief executive officer now owns 1,683,300 shares of the company’s stock, valued at approximately $475,380,753. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 4,493 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $295.47, for a total value of $1,327,546.71. The disclosure for this sale can be found here. Insiders have sold a total of 299,950 shares of company stock valued at $89,972,030 over the last quarter. 3.54% of the stock is owned by company insiders.

Arista Networks Price Performance

ANET traded down $3.17 during trading hours on Friday, reaching $328.50. The company’s stock had a trading volume of 2,147,959 shares, compared to its average volume of 2,166,285. Arista Networks, Inc. has a fifty-two week low of $148.32 and a fifty-two week high of $331.75. The business’s 50-day moving average is $290.26 and its 200-day moving average is $270.96. The stock has a market cap of $102.94 billion, a PE ratio of 45.75, a P/E/G ratio of 2.97 and a beta of 1.08.

Arista Networks (NYSE:ANET) last issued 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. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. Analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current year.

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

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.