Arista Networks, Inc. (NYSE:ANET) Shares Bought by TIAA Trust National Association

TIAA Trust National Association increased its position in Arista Networks, Inc. (NYSE:ANET) by 750.8% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 43,474 shares of the technology company’s stock after purchasing an additional 38,364 shares during the period. TIAA Trust National Association’s holdings in Arista Networks were worth $15,237,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ANET. Benjamin Edwards Inc. acquired a new position in shares of Arista Networks in the 1st quarter valued at about $26,000. Beacon Capital Management LLC boosted its holdings in shares of Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares during the period. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares during the period. Byrne Asset Management LLC acquired a new position in shares of Arista Networks in the 2nd quarter valued at about $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new position in shares of Arista Networks in the 2nd quarter valued at about $35,000. 82.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 1,592 shares of Arista Networks stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $349.55, for a total value of $556,483.60. Following the transaction, the senior vice president now directly owns 186,600 shares of the company’s stock, valued at $65,226,030. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider John F. Mccool sold 2,575 shares of Arista Networks stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $354.38, for a total value of $912,528.50. Following the transaction, the insider now directly owns 72 shares of the company’s stock, valued at $25,515.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 1,592 shares of Arista Networks stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $349.55, for a total transaction of $556,483.60. Following the completion of the transaction, the senior vice president now directly owns 186,600 shares in the company, valued at $65,226,030. The disclosure for this sale can be found here. Insiders have sold 120,387 shares of company stock worth $42,196,501 in the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ANET shares. JPMorgan Chase & Co. lifted their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Jefferies Financial Group lifted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Citigroup lifted their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Needham & Company LLC reiterated a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a research report on Wednesday, July 31st. Finally, Piper Sandler lifted their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $353.38.

Arista Networks Price Performance

NYSE ANET opened at $326.72 on Wednesday. The company’s 50 day simple moving average is $344.37 and its 200 day simple moving average is $310.07. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $376.50. The company has a market capitalization of $102.38 billion, a P/E ratio of 45.50, a PEG ratio of 2.78 and a beta of 1.11.

Arista Networks (NYSE:ANET) last released 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. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the firm earned $1.41 EPS. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Arista Networks declared that its Board of Directors has approved a share buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign 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.