Point72 Asia Singapore Pte. Ltd. Invests $82,000 in Arista Networks, Inc. (NYSE:ANET)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in Arista Networks, Inc. (NYSE:ANET) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 738 shares of the technology company’s stock, valued at approximately $82,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ANET. Caitlin John LLC grew its holdings in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after purchasing an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC grew its stake in shares of 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 buying an additional 191 shares during the last quarter. New Millennium Group LLC increased its holdings 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 buying an additional 195 shares in the last quarter. Cranbrook Wealth Management LLC lifted its stake in shares of Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares during the last quarter. Finally, Trust Co. of Vermont boosted its holdings in shares of Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Marc Taxay sold 51,848 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 410,867 shares of company stock worth $37,056,669. Corporate insiders own 3.39% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the subject of a number of recent research reports. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Rosenblatt Securities raised their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Piper Sandler reiterated a “neutral” rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Finally, KGI Securities cut shares of Arista Networks to a “neutral” rating in a research report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.14.

Arista Networks Stock Up 0.2%

ANET stock opened at $96.31 on Friday. The firm has a market cap of $120.95 billion, a price-to-earnings ratio of 43.38, a PEG ratio of 3.10 and a beta of 1.38. The company’s fifty day simple moving average is $80.29 and its 200 day simple moving average is $97.20. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET) last announced 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 return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the business earned $0.50 EPS. The firm’s revenue was up 27.6% compared to the same quarter last year. Research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has authorized a stock buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to reacquire 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.

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.