Arista Networks, Inc. (NYSE:ANET) Shares Sold by Jacobi Capital Management LLC

Jacobi Capital Management LLC lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 13.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,141 shares of the technology company’s stock after selling 170 shares during the period. Jacobi Capital Management LLC’s holdings in Arista Networks were worth $331,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ANET. Nordea Investment Management AB grew its holdings in Arista Networks by 15.3% during the fourth quarter. Nordea Investment Management AB now owns 20,221 shares of the technology company’s stock worth $4,779,000 after acquiring an additional 2,686 shares during the period. Raymond James Trust N.A. grew its holdings in Arista Networks by 19.6% in the fourth quarter. Raymond James Trust N.A. now owns 2,463 shares of the technology company’s stock valued at $580,000 after purchasing an additional 403 shares during the last quarter. Premier Path Wealth Partners LLC acquired a new stake in Arista Networks in the fourth quarter valued at $519,000. Mutual Advisors LLC grew its holdings in Arista Networks by 20.9% in the fourth quarter. Mutual Advisors LLC now owns 5,574 shares of the technology company’s stock valued at $1,313,000 after purchasing an additional 963 shares during the last quarter. Finally, HB Wealth Management LLC grew its holdings in Arista Networks by 6.9% in the fourth quarter. HB Wealth Management LLC now owns 3,595 shares of the technology company’s stock valued at $847,000 after purchasing an additional 233 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ANET shares. Wells Fargo & Company upped their target price on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Morgan Stanley upped their target price on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Citigroup upped their target price on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Barclays increased their price objective 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, Piper Sandler increased their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $330.18.

Arista Networks Stock Performance

NYSE ANET traded up $4.45 during trading hours on Tuesday, hitting $346.69. 268,254 shares of the company’s stock were exchanged, compared to its average volume of 2,427,569. The business’s 50 day moving average is $330.13 and its 200-day moving average is $293.30. Arista Networks, Inc. has a 12-month low of $149.10 and a 12-month high of $376.50. The firm has a market capitalization of $108.64 billion, a P/E ratio of 48.00, a price-to-earnings-growth ratio of 2.91 and a beta of 1.11.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.24. The firm had revenue of $1.57 billion for 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, equities research analysts anticipate that Arista Networks, Inc. will post 7.06 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Arista Networks

In other news, SVP Marc Taxay sold 1,044 shares of the firm’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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Marc Taxay sold 1,044 shares of the firm’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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at $1,202,550.80. The disclosure for this sale can be found here. Insiders have sold a total of 210,076 shares of company stock worth $68,928,479 in the last three months. 3.54% of the stock is currently owned by company insiders.

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.