Boomfish Wealth Group LLC Boosts Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Boomfish Wealth Group LLC raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 5.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 30,251 shares of the technology company’s stock after purchasing an additional 1,493 shares during the period. Arista Networks accounts for about 1.5% of Boomfish Wealth Group LLC’s portfolio, making the stock its 28th largest position. Boomfish Wealth Group LLC’s holdings in Arista Networks were worth $2,344,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ANET. Brighton Jones LLC grew its position in Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after purchasing an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Arista Networks during the 4th quarter worth approximately $202,000. Blue Trust Inc. grew its position in Arista Networks by 13.3% during the 4th quarter. Blue Trust Inc. now owns 2,990 shares of the technology company’s stock worth $330,000 after purchasing an additional 352 shares during the last quarter. Valeo Financial Advisors LLC lifted its stake in Arista Networks by 299.3% during the 4th quarter. Valeo Financial Advisors LLC now owns 8,150 shares of the technology company’s stock valued at $901,000 after acquiring an additional 6,109 shares during the period. Finally, Bank Pictet & Cie Europe AG lifted its stake in Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company’s stock valued at $1,200,000 after acquiring an additional 8,822 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE ANET opened at $94.97 on Tuesday. The stock has a fifty day moving average price of $86.33 and a 200 day moving average price of $96.28. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The company has a market cap of $119.28 billion, a PE ratio of 42.78, a P/E/G ratio of 3.10 and a beta of 1.37.

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

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ANET shares. Redburn Atlantic started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a “buy” rating and a $112.00 target price for the company. Morgan Stanley boosted their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Piper Sandler reissued a “neutral” rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Barclays cut their price target 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. Finally, The Goldman Sachs Group cut their price target 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. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $107.38.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the sale, the director now owns 123,784 shares in the company, valued at $10,915,273.12. This represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,690 shares of company stock valued at $9,360,205. 3.39% of the stock is owned by company insiders.

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.