LRI Investments LLC Acquires 4,007 Shares of Arista Networks, Inc. (NYSE:ANET)

LRI Investments LLC raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 292.9% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 5,375 shares of the technology company’s stock after purchasing an additional 4,007 shares during the period. LRI Investments LLC’s holdings in Arista Networks were worth $594,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Caitlin John LLC increased its stake 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 buying an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC boosted its stake in shares of 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 acquiring an additional 191 shares during the period. Cranbrook Wealth Management LLC grew its position in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares in the last quarter. Trust Co. of Vermont grew its position in shares of Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares in the last quarter. Finally, New Millennium Group LLC grew its position in shares of Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 195 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Down 1.3%

NYSE ANET opened at $86.15 on Monday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm 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. The company has a fifty day moving average of $78.94 and a two-hundred day moving average of $97.29.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. 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 company earned $0.50 EPS. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has approved a share buyback 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 repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider John F. Mccool sold 17,433 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.14, for a total value of $1,623,709.62. Following the transaction, the insider now owns 17,433 shares of the company’s stock, valued at $1,623,709.62. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kelly Bodnar Battles sold 1,488 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were 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 directly owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. This trade represents a 15.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 412,355 shares of company stock valued at $37,216,079 over the last 90 days. Insiders own 3.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Evercore ISI dropped their price target on Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. KGI Securities downgraded shares of Arista Networks to a “neutral” rating in a report on Wednesday. Barclays cut their target price on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating for the company in a research note on Thursday. Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $106.07.

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.