Graham Capital Management L.P. Has $2.76 Million Position in Arista Networks, Inc. (NYSE:ANET)

Graham Capital Management L.P. raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 37.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,931 shares of the technology company’s stock after acquiring an additional 6,843 shares during the quarter. Graham Capital Management L.P.’s holdings in Arista Networks were worth $2,756,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Caitlin John LLC lifted its position in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after buying an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC boosted its position in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after purchasing an additional 191 shares during the period. Cranbrook Wealth Management LLC grew its holdings in Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Trust Co. of Vermont raised its position in shares of Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC lifted its stake in shares of Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 195 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were 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 owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 412,355 shares of company stock worth $37,216,079 in the last quarter. Insiders own 3.39% of the company’s stock.

Analysts Set New Price Targets

ANET has been the subject of a number of research analyst reports. The Goldman Sachs Group cut their target price on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Piper Sandler reissued a “neutral” rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research report on Wednesday. Finally, Rosenblatt Securities boosted their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $106.07.

Arista Networks Price Performance

ANET stock opened at $86.15 on Friday. The business has a fifty day moving average price of $78.94 and a 200 day moving average price of $97.31. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The stock has a market capitalization of $108.17 billion, a price-to-earnings ratio of 38.81, a P/E/G ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 earnings per share. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its board has authorized a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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.