LRI Investments LLC Invests $357,000 in Arista Networks, Inc. (NYSE:ANET)

LRI Investments LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,151 shares of the technology company’s stock, valued at approximately $357,000.

Several other hedge funds also recently modified their holdings of the business. NBC Securities Inc. increased its stake in shares of Arista Networks by 21.5% during the 1st quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after purchasing an additional 38 shares during the last quarter. Sandy Spring Bank boosted its holdings in shares of Arista Networks by 33.6% during the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after buying an additional 39 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Arista Networks by 6.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock worth $163,000 after buying an additional 39 shares during the period. Fulton Breakefield Broenniman LLC boosted its holdings in shares of Arista Networks by 1.8% during the 4th quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock worth $531,000 after buying an additional 40 shares during the period. Finally, West Family Investments Inc. boosted its holdings in Arista Networks by 3.3% in the 4th quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock valued at $298,000 after purchasing an additional 40 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of research reports. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Arista Networks in a report on Wednesday, May 8th. Piper Sandler increased their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and increased their price objective for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. Rosenblatt Securities restated a “sell” rating and issued a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Finally, Barclays increased their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $333.12.

Insider Activity

In related news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the transaction, the chief executive officer now directly owns 1,615,800 shares in the company, valued at $512,208,600. The sale was disclosed in a filing with the SEC, which is available through this link. In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares of the company’s stock, valued at $941,427.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the transaction, the chief executive officer now directly owns 1,615,800 shares of the company’s stock, valued at $512,208,600. The disclosure for this sale can be found here. Insiders have sold 210,076 shares of company stock worth $68,928,479 over the last ninety days. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 1.6 %

Arista Networks stock traded up $5.09 during midday trading on Friday, hitting $319.21. 2,351,934 shares of the stock were exchanged, compared to its average volume of 1,894,565. The company has a fifty day simple moving average of $330.65 and a two-hundred day simple moving average of $295.33. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $376.50. The stock has a market capitalization of $100.03 billion, a PE ratio of 44.46, a P/E/G ratio of 2.77 and a beta of 1.11.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 7.06 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share buyback plan 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Arista Networks Company 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.