Prosperity Consulting Group LLC Raises Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Prosperity Consulting Group LLC increased its position in Arista Networks, Inc. (NYSE:ANET) by 32.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,205 shares of the technology company’s stock after acquiring an additional 539 shares during the period. Prosperity Consulting Group LLC’s holdings in Arista Networks were worth $639,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in shares of Arista Networks by 7.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock valued at $12,082,000 after buying an additional 3,763 shares during the last quarter. Lebenthal Global Advisors LLC purchased a new position in shares of Arista Networks during the 4th quarter valued at about $662,000. US Bancorp DE grew its position in shares of Arista Networks by 6.3% during the 4th quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock valued at $10,082,000 after acquiring an additional 2,535 shares during the period. Advisor Resource Council grew its position in shares of Arista Networks by 507.9% during the 4th quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock valued at $1,653,000 after acquiring an additional 5,866 shares during the period. Finally, WCM Investment Management LLC grew its position in shares of Arista Networks by 0.5% during the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after acquiring an additional 16,081 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ANET shares. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Arista Networks in a research report on Wednesday, May 8th. Morgan Stanley raised their target price on Arista Networks from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, June 12th. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and raised their target price for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. Finally, Piper Sandler lifted their price objective on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $311.50.

Arista Networks Price Performance

Shares of ANET stock traded up $0.72 during trading on Friday, hitting $366.14. 1,357,852 shares of the stock traded hands, compared to its average volume of 2,159,908. The firm has a market capitalization of $114.73 billion, a P/E ratio of 50.99, a price-to-earnings-growth ratio of 3.23 and a beta of 1.11. The firm’s fifty day moving average price is $314.01 and its 200-day moving average price is $283.49. Arista Networks, Inc. has a 52-week low of $149.10 and a 52-week high of $367.25.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. As a group, equities research analysts expect that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

Arista Networks declared that its board has approved a stock buyback program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 4,042 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $299.99, for a total value of $1,212,559.58. Following the sale, the chief executive officer now owns 1,628,532 shares of the company’s stock, valued at $488,543,314.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 4,042 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $299.99, for a total value of $1,212,559.58. Following the completion of the transaction, the chief executive officer now owns 1,628,532 shares in the company, valued at $488,543,314.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The disclosure for this sale can be found here. Insiders have sold a total of 214,118 shares of company stock valued at $68,528,038 over the last quarter. 3.54% of the stock is owned by company insiders.

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.