Arista Networks, Inc. (NYSE:ANET) Stock Position Lifted by Chapin Davis Inc.

Chapin Davis Inc. lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 8.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,739 shares of the technology company’s stock after acquiring an additional 1,098 shares during the period. Arista Networks comprises approximately 1.6% of Chapin Davis Inc.’s holdings, making the stock its 14th largest holding. Chapin Davis Inc.’s holdings in Arista Networks were worth $4,274,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. Capital World Investors grew its holdings in Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after buying an additional 55,312 shares in the last quarter. WCM Investment Management LLC grew its stake in shares of Arista Networks by 0.5% in the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after purchasing an additional 16,081 shares in the last quarter. Norges Bank acquired a new position in shares of Arista Networks during the fourth quarter valued at $586,051,000. Finally, Jennison Associates LLC lifted its holdings in Arista Networks by 0.8% in the fourth quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock worth $425,683,000 after purchasing an additional 14,627 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ANET has been the topic of several recent research reports. KeyCorp lifted their price target on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Barclays raised their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. The Goldman Sachs Group increased their price objective on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Piper Sandler lifted their target price on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Finally, Evercore ISI increased their price target on shares of Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Monday, May 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $311.50.

Insider Buying and Selling at Arista Networks

In other news, Director Daniel Scheinman sold 1,000 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $328.17, for a total transaction of $328,170.00. Following the completion of the sale, the director now owns 37,732 shares of the company’s stock, valued at $12,382,510.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,057,154.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel Scheinman sold 1,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $328.17, for a total transaction of $328,170.00. Following the completion of the transaction, the director now owns 37,732 shares in the company, valued at $12,382,510.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,330 shares of company stock valued at $56,907,187. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Arista Networks stock opened at $351.85 on Monday. The business’s fifty day moving average is $303.42 and its two-hundred day moving average is $279.70. The firm has a market cap of $110.26 billion, a P/E ratio of 48.81, a P/E/G ratio of 3.09 and a beta of 1.11. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $356.18.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating 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%. On average, equities research analysts predict that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding 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 an indication that the company’s board believes its shares are undervalued.

Arista Networks 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.