OLD National Bancorp IN Boosts Stock Position in Arista Networks, Inc. (NYSE:ANET)

OLD National Bancorp IN boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 7.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,025 shares of the technology company’s stock after purchasing an additional 74 shares during the period. OLD National Bancorp IN’s holdings in Arista Networks were worth $359,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ANET. Vanguard Group Inc. increased its stake in shares of Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares during the period. Capital World Investors increased its position in Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC raised its holdings in Arista Networks by 0.8% in the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after purchasing an additional 25,196 shares in the last quarter. GQG Partners LLC purchased a new stake in shares of Arista Networks in the 1st quarter worth about $881,848,000. Finally, Norges Bank bought a new stake in shares of Arista Networks during the 4th quarter valued at about $586,051,000. Institutional investors own 82.47% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on ANET. Needham & Company LLC reissued a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. Bank of America raised their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. UBS Group upped their price target on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Piper Sandler raised their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. Finally, Wells Fargo & Company boosted their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $353.38.

Insiders Place Their Bets

In related news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $293.14, for a total transaction of $243,892.48. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $5,183,008.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 14,416 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the completion of the sale, the senior vice president now directly owns 252,382 shares in the company, valued at approximately $82,284,103.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $293.14, for a total transaction of $243,892.48. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $5,183,008.34. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,066 shares of company stock valued at $61,786,294. 3.54% of the stock is owned by insiders.

Arista Networks Stock Performance

Shares of ANET traded up $1.31 on Friday, hitting $335.81. 1,594,819 shares of the stock traded hands, compared to its average volume of 2,478,754. The company has a market capitalization of $105.23 billion, a PE ratio of 46.77, a P/E/G ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The business has a 50 day simple moving average of $334.21 and a 200 day simple moving average of $300.00.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.41 EPS. On average, equities analysts expect that Arista Networks, Inc. will post 7.29 earnings per share for the current year.

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

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.