Redwood Investments LLC Acquires 21,987 Shares of Arista Networks, Inc. (NYSE:ANET)

Redwood Investments LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 223.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,833 shares of the technology company’s stock after buying an additional 21,987 shares during the quarter. Arista Networks accounts for approximately 0.9% of Redwood Investments LLC’s holdings, making the stock its 27th biggest position. Redwood Investments LLC’s holdings in Arista Networks were worth $3,519,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Caitlin John LLC grew its position in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its position in Arista Networks by 335.1% in 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 last quarter. Cranbrook Wealth Management LLC increased its position in shares of Arista Networks by 300.0% during the 4th 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 lifted its stake in shares of Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC boosted its holdings 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. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the transaction, the director now owns 8,128 shares in the company, valued at approximately $870,752.64. This trade represents a 15.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the sale, the chief executive officer now owns 92,641 shares in the company, valued at approximately $8,697,137.08. This trade represents a 59.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 412,355 shares of company stock valued at $37,216,079. 3.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Piper Sandler reiterated a “neutral” rating and set a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. KGI Securities cut Arista Networks to a “neutral” rating in a research report on Wednesday, May 7th. Evercore ISI reduced their target price on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Needham & Company LLC lowered their price target on shares of Arista Networks from $145.00 to $130.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $107.14.

Arista Networks Stock Up 0.6%

Shares of ANET stock opened at $97.86 on Thursday. The company’s fifty day simple moving average is $79.58 and its two-hundred day simple moving average is $97.25. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a market cap of $122.90 billion, a P/E ratio of 44.08, a PEG 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 for the quarter, beating the consensus estimate 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 quarter last year, the business posted $0.50 EPS. On average, analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

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.