Arista Networks, Inc. (NYSE:ANET) Stock Position Lifted by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 3.4% in the fourth quarter, Holdings Channel reports. The firm owned 1,399,597 shares of the technology company’s stock after buying an additional 45,440 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Arista Networks were worth $329,619,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Rakuten Securities Inc. acquired a new stake in shares of Arista Networks in the fourth quarter valued at about $35,000. Atticus Wealth Management LLC grew its holdings in shares of Arista Networks by 3,625.0% during the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after purchasing an additional 145 shares during the last quarter. Larson Financial Group LLC bought a new stake in shares of Arista Networks during the third quarter worth $28,000. Sandy Spring Bank grew its holdings in shares of Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after purchasing an additional 39 shares during the last quarter. Finally, First Command Advisory Services Inc. bought a new position in Arista Networks in the third quarter valued at about $29,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insiders Place Their Bets

In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $265,739.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $265,739.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total value of $388,155.00. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $4,575,312.37. The disclosure for this sale can be found here. Insiders sold a total of 337,054 shares of company stock valued at $96,529,086 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ANET. JMP Securities restated a “market outperform” rating and set a $325.00 target price on shares of Arista Networks in a report on Tuesday, February 13th. Rosenblatt Securities reissued a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research report on Friday, April 12th. Barclays lifted their target price on Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a research report on Tuesday, February 13th. Piper Sandler raised their price target on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, KeyCorp lifted their target price on Arista Networks from $232.00 to $287.00 and gave the stock an “overweight” rating in a research note on Thursday, January 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $289.06.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $19.96 during trading on Wednesday, reaching $293.95. 5,634,220 shares of the company’s stock were exchanged, compared to its average volume of 2,503,671. Arista Networks, Inc. has a 1-year low of $133.42 and a 1-year high of $307.74. The company has a market cap of $91.90 billion, a P/E ratio of 44.80, a PEG ratio of 2.33 and a beta of 1.13. The firm’s 50-day moving average price is $279.22 and its 200 day moving average price is $251.25.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the firm earned $1.25 EPS. Arista Networks’s revenue was up 20.8% on a year-over-year basis. As a group, equities research analysts predict that Arista Networks, Inc. will post 6.74 EPS for the current year.

Arista Networks announced that its board has approved a share repurchase plan on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign 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.