Arista Networks, Inc. (NYSE:ANET) Stock Holdings Lifted by KKM Financial LLC

KKM Financial LLC lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 300.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,928 shares of the technology company’s stock after acquiring an additional 2,946 shares during the quarter. KKM Financial LLC’s holdings in Arista Networks were worth $434,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Stock Yards Bank & Trust Co. acquired a new stake in Arista Networks during the 4th quarter worth about $242,000. GHE LLC raised its holdings in shares of Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after acquiring an additional 21,597 shares during the period. Colonial River Investments LLC lifted its position in shares of Arista Networks by 327.6% in the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock valued at $1,077,000 after acquiring an additional 7,466 shares in the last quarter. Unified Investment Management acquired a new position in Arista Networks in the 4th quarter worth approximately $630,000. Finally, Berkshire Capital Holdings Inc. grew its position in Arista Networks by 257.6% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock worth $8,505,000 after purchasing an additional 55,430 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ANET shares. Piper Sandler reaffirmed a “neutral” rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday. JPMorgan Chase & Co. decreased their price objective on Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Needham & Company LLC dropped their target price on Arista Networks from $145.00 to $130.00 and set a “buy” rating on the stock in a report on Wednesday. Rosenblatt Securities raised their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, The Goldman Sachs Group lowered their price objective on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $106.07.

Arista Networks Price Performance

Arista Networks stock opened at $86.15 on Friday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company’s fifty day moving average price is $78.94 and its two-hundred day moving average price is $97.31. The company has a market capitalization of $108.17 billion, a price-to-earnings ratio of 38.81, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm’s revenue was up 27.6% compared to the same quarter last year. During the same period last year, the business earned $0.50 EPS. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the transaction, the chief executive officer now directly owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,488 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the sale, the director now owns 8,128 shares in the company, valued at approximately $870,752.64. The trade was a 15.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 412,355 shares of company stock worth $37,216,079. 3.39% of the stock is owned by insiders.

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.