Nkcfo LLC Purchases Shares of 1,000 Arista Networks, Inc. (NYSE:ANET)

Nkcfo LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,000 shares of the technology company’s stock, valued at approximately $350,000.

Other hedge funds have also recently modified their holdings of the company. 9258 Wealth Management LLC bought a new position in Arista Networks during the 4th quarter valued at approximately $240,000. Brown Advisory Inc. bought a new position in shares of Arista Networks during the fourth quarter valued at approximately $220,000. Gladstone Institutional Advisory LLC purchased a new stake in Arista Networks in the fourth quarter worth $267,000. D.A. Davidson & CO. lifted its stake in Arista Networks by 2.6% in the fourth quarter. D.A. Davidson & CO. now owns 8,234 shares of the technology company’s stock worth $1,939,000 after acquiring an additional 211 shares during the period. Finally, Corient Private Wealth LLC boosted its holdings in Arista Networks by 3.8% in the fourth quarter. Corient Private Wealth LLC now owns 120,262 shares of the technology company’s stock valued at $28,323,000 after acquiring an additional 4,400 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, July 8th. The stock was sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,361 shares of company stock worth $38,024,123. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 1.4 %

Shares of NYSE ANET opened at $384.46 on Friday. The company has a 50 day moving average of $341.55 and a 200 day moving average of $316.46. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $385.50. The firm has a market cap of $120.48 billion, a P/E ratio of 53.55, a PEG ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the company posted $1.41 earnings per share. The company’s quarterly revenue was up 15.9% on a year-over-year basis. As a group, equities analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ANET shares. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Piper Sandler raised their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Jefferies Financial Group upped their target price on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Citigroup raised their target price on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Finally, UBS Group lifted their price target on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $358.63.

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.