Arkfeld Wealth Strategies L.L.C. Acquires New Holdings in Arista Networks, Inc. (NYSE:ANET)

Arkfeld Wealth Strategies L.L.C. acquired a new stake in Arista Networks, Inc. (NYSE:ANET) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 753 shares of the technology company’s stock, valued at approximately $217,000.

Other institutional investors have also recently bought and sold shares of the company. Financial Synergies Wealth Advisors Inc. lifted its stake in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares in the last quarter. Alaska Permanent Fund Corp bought a new stake in shares of Arista Networks during the 1st quarter worth approximately $37,000. Riverview Trust Co bought a new stake in shares of Arista Networks during the 1st quarter worth approximately $40,000. Rakuten Securities Inc. bought a new stake in shares of Arista Networks during the 4th quarter worth approximately $35,000. Finally, Atticus Wealth Management LLC raised its stake in shares of 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 purchasing an additional 145 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 24,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $292.28, for a total transaction of $7,014,720.00. Following the completion of the sale, the chief executive officer now owns 1,642,800 shares in the company, valued at $480,157,584. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 24,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $292.28, for a total value of $7,014,720.00. Following the transaction, the chief executive officer now directly owns 1,642,800 shares in the company, valued at approximately $480,157,584. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 1,040 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $292.28, for a total value of $303,971.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 212,950 shares of company stock worth $64,987,920. 3.54% of the stock is owned by corporate insiders.

Arista Networks Price Performance

Shares of Arista Networks stock traded up $0.17 during midday trading on Wednesday, reaching $334.70. The company had a trading volume of 1,733,362 shares, compared to its average volume of 2,520,921. The stock has a fifty day moving average price of $298.01 and a 200 day moving average price of $277.25. The firm has a market cap of $104.88 billion, a PE ratio of 46.62, a P/E/G ratio of 2.95 and a beta of 1.08. Arista Networks, Inc. has a fifty-two week low of $149.10 and a fifty-two week high of $345.89.

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

Arista Networks declared that its board has authorized a share buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

ANET has been the topic of a number of analyst reports. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and upped their price objective for the stock from $240.00 to $320.00 in a research note on Friday, May 3rd. Evercore ISI upped their price objective on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research note on Monday, May 20th. Bank of America upped their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Barclays increased their price target on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. Finally, UBS Group increased their price target on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $306.78.

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.