Carnegie Investment Counsel Buys 2,835 Shares of Arista Networks, Inc. (NYSE:ANET)

Carnegie Investment Counsel raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 356.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,630 shares of the technology company’s stock after purchasing an additional 2,835 shares during the period. Carnegie Investment Counsel’s holdings in Arista Networks were worth $1,272,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. SeaCrest Wealth Management LLC lifted its holdings in shares of Arista Networks by 2.4% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 6,596 shares of the technology company’s stock valued at $2,312,000 after acquiring an additional 153 shares during the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of Arista Networks by 103.3% in the 2nd quarter. Pallas Capital Advisors LLC now owns 1,858 shares of the technology company’s stock valued at $618,000 after acquiring an additional 944 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new position in shares of Arista Networks in the 2nd quarter valued at about $5,257,000. First Horizon Advisors Inc. lifted its holdings in shares of Arista Networks by 6.4% in the 2nd quarter. First Horizon Advisors Inc. now owns 798 shares of the technology company’s stock valued at $280,000 after acquiring an additional 48 shares during the last quarter. Finally, Kavar Capital Partners Group LLC bought a new position in shares of Arista Networks in the 2nd quarter valued at about $210,000. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 832 shares of Arista Networks 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 directly owns 17,681 shares of the company’s stock, valued at $5,183,008.34. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $293.14, for a total value of $243,892.48. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,183,008.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John F. Mccool sold 584 shares of Arista Networks stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $300.40, for a total transaction of $175,433.60. The disclosure for this sale can be found here. Insiders have sold a total of 106,377 shares of company stock valued at $36,773,806 over the last ninety days. 3.54% of the stock is owned by company insiders.

Arista Networks Stock Down 0.1 %

ANET stock traded down $0.28 during trading on Wednesday, hitting $353.51. 490,769 shares of the company’s stock traded hands, compared to its average volume of 2,414,731. The firm has a market capitalization of $110.78 billion, a P/E ratio of 49.27, a PEG ratio of 2.70 and a beta of 1.11. The business has a fifty day simple moving average of $341.54 and a two-hundred day simple moving average of $304.64. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $376.50.

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

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

Analyst Ratings Changes

ANET has been the subject of a number of analyst reports. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. JPMorgan Chase & Co. raised their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a research note on Wednesday, July 31st. Piper Sandler raised their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Finally, Evercore ISI raised their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $353.38.

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.