Connecticut Wealth Management LLC Buys 3,242 Shares of Arista Networks, Inc. (NYSE:ANET)

Connecticut Wealth Management LLC lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 305.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,303 shares of the technology company’s stock after purchasing an additional 3,242 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Arista Networks were worth $476,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Gordian Capital Singapore Pte Ltd boosted its position in shares of Arista Networks by 81,633.3% in the 4th quarter. Gordian Capital Singapore Pte Ltd now owns 2,452 shares of the technology company’s stock worth $271,000 after purchasing an additional 2,449 shares in the last quarter. JT Stratford LLC boosted its position in shares of Arista Networks by 325.3% in the 4th quarter. JT Stratford LLC now owns 23,883 shares of the technology company’s stock worth $2,640,000 after purchasing an additional 18,268 shares in the last quarter. Legacy Financial Group Inc. purchased a new position in Arista Networks in the 4th quarter worth approximately $204,000. Mosaic Family Wealth Partners LLC purchased a new position in Arista Networks in the 4th quarter worth approximately $210,000. Finally, Pinkerton Retirement Specialists LLC raised its holdings in Arista Networks by 200.7% in the 4th quarter. Pinkerton Retirement Specialists LLC now owns 2,490 shares of the technology company’s stock worth $275,000 after acquiring an additional 1,662 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ANET has been the subject of a number of recent analyst reports. The Goldman Sachs Group decreased their price objective on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Piper Sandler restated a “neutral” rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Barclays decreased their price objective on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. JPMorgan Chase & Co. decreased their price objective on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, KGI Securities lowered shares of Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. Five 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 presently has an average rating of “Moderate Buy” and a consensus price target of $107.14.

Arista Networks Trading Up 0.1%

Shares of ANET opened at $92.51 on Friday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The firm has a fifty day simple moving average of $81.26 and a two-hundred day simple moving average of $97.10. The firm has a market cap of $116.19 billion, a PE ratio of 41.67, a P/E/G 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the firm posted $0.50 EPS. The company’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, SVP Marc Taxay sold 51,848 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the company’s stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the transaction, the director now directly owns 7,480 shares of the company’s stock, valued at $512,305.20. This represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 410,587 shares of company stock valued at $37,028,000 in the last 90 days. Company insiders own 3.39% of the company’s stock.

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.