First Horizon Advisors Inc. Purchases 48 Shares of Arista Networks, Inc. (NYSE:ANET)

First Horizon Advisors Inc. boosted its position in Arista Networks, Inc. (NYSE:ANET) by 6.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 798 shares of the technology company’s stock after purchasing an additional 48 shares during the period. First Horizon Advisors Inc.’s holdings in Arista Networks were worth $280,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. FCG Investment Co grew its position in shares of Arista Networks by 2.3% during the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after acquiring an additional 29 shares during the period. Old Port Advisors boosted its holdings in Arista Networks by 3.5% in the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after buying an additional 32 shares during the period. Fortitude Family Office LLC boosted its holdings in Arista Networks by 33.3% in the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after buying an additional 33 shares during the period. NBC Securities Inc. boosted its holdings in Arista Networks by 21.5% in the 1st quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after buying an additional 38 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in Arista Networks by 6.0% in 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. 82.47% of the stock is owned by institutional investors.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 17,759 shares of Arista Networks stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $319.15, for a total transaction of $5,667,784.85. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $5,642,891.15. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jayshree Ullal sold 17,759 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $319.15, for a total transaction of $5,667,784.85. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,642,891.15. The disclosure for this sale can be found here. Insiders sold a total of 124,136 shares of company stock valued at $42,441,591 in the last three months. Company insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the subject of several analyst reports. 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 report on Monday, July 15th. KeyCorp increased their target price on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Evercore ISI increased their target price 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. Wells Fargo & Company increased their target price on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. One equities 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. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $353.38.

Arista Networks Stock Up 0.4 %

Shares of ANET traded up $1.42 during trading hours on Tuesday, reaching $353.48. 255,685 shares of the company traded hands, compared to its average volume of 2,421,581. The company’s fifty day moving average price is $340.56 and its two-hundred day moving average price is $304.07. The company has a market capitalization of $110.77 billion, a price-to-earnings ratio of 49.64, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $376.50.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The firm 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%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.41 EPS. On average, analysts expect that Arista Networks, Inc. will post 7.29 EPS for the current year.

Arista Networks announced that its board has initiated a stock repurchase 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 buy up to 1.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is 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.