Leeward Financial Partners LLC Purchases New Holdings in Arista Networks, Inc. (NYSE:ANET)

Leeward Financial Partners LLC purchased a new stake in Arista Networks, Inc. (NYSE:ANET) during the first quarter, Holdings Channel.com reports. The institutional investor purchased 874 shares of the technology company’s stock, valued at approximately $253,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its stake in Arista Networks by 7.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock worth $12,082,000 after purchasing an additional 3,763 shares in the last quarter. Lebenthal Global Advisors LLC purchased a new stake in shares of Arista Networks during the 4th quarter valued at approximately $662,000. AXQ Capital LP purchased a new stake in shares of Arista Networks during the 3rd quarter valued at approximately $791,000. US Bancorp DE raised its position in shares of Arista Networks by 6.3% during the 4th quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock valued at $10,082,000 after buying an additional 2,535 shares during the period. Finally, Advisor Resource Council raised its position in shares of Arista Networks by 507.9% during the 4th quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock valued at $1,653,000 after buying an additional 5,866 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $255.83, for a total value of $511,660.00. Following the completion of the sale, the director now directly owns 56,946 shares of the company’s stock, valued at $14,568,495.18. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $255.83, for a total value of $511,660.00. Following the completion of the sale, the director now directly owns 56,946 shares of the company’s stock, valued at $14,568,495.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total transaction of $5,801,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $940,922.20. The disclosure for this sale can be found here. Insiders sold a total of 214,534 shares of company stock valued at $68,653,238 over the last ninety days. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE:ANET traded up $8.41 during trading on Wednesday, hitting $365.42. The company’s stock had a trading volume of 1,209,628 shares, compared to its average volume of 2,498,926. The business has a 50 day moving average price of $307.75 and a two-hundred day moving average price of $281.44. The company has a market capitalization of $114.51 billion, a PE ratio of 50.89, a P/E/G ratio of 3.09 and a beta of 1.11. Arista Networks, Inc. has a fifty-two week low of $149.10 and a fifty-two week high of $365.42.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.24. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. As a group, equities analysts expect that Arista Networks, Inc. will post 7.05 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a share repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Barclays lifted their price target on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. KeyCorp lifted their price target on shares of Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Evercore ISI lifted their price target on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Monday, May 20th. Piper Sandler lifted their price target on shares of Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $311.50.

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.