On October 3, 2023, it was reported that the Csenge Advisory Group had purchased a new stake in Arista Networks, Inc. during the second quarter. According to their filing with the Securities & Exchange Commission, the firm acquired 2,202 shares of the technology company’s stock at an approximate value of $357,000.
In other news related to Arista Networks, Chief Operating Officer Anshul Sadana sold 13,504 shares of the company’s stock on July 17th. The average selling price per share was recorded at $170.05, resulting in a total transaction value of $2,296,355.20. Following this sale, Sadana now holds direct ownership of 30,082 shares of Arista Network’s stock valued at approximately $5,115,444.10. These details were disclosed through a legal filing with the Securities & Exchange Commission.
Additionally, Anshul Sadana made another sale transaction on July 17th where he sold another 13,504 shares at an average price of $170.05 per share for a total value of $2,296,355.20. As a result of this transaction, Sadana now owns 30,082 shares valued at around $5,1154434.10.
Furthermore, Senior Vice President Kenneth Duda also made a sale on July 10th by selling 3,500 shares of Arista Network’s stock at an average price of $158.45 per share totaling to $554575 dollars worth in transactions completed.Duda currently possesses approximately 223100 shares valued at over around $35 million dollars.Corporate insiders have cumulatively sold 139176 shares of Arista Network’s stock within the last three months according to reports from Securities and Exchange commission filings as found here through their website.Insiders own roughly about nineteen percent or less than twenty percent) when calculated together) of the company stock.
The insights provided above are based on the information gathered from recent filings and disclosures made by Arista Networks Inc. to the Securities and Exchange Commission. It is important for potential investors, industry observers, and stakeholders to take these updates into consideration as they may provide useful indicators regarding the current state and outlook of Arista Networks Inc.’s performance in the stock market.
Institutional Investors and Hedge Funds Show Growing Interest in Arista Networks as Positive Outlook Persists
October 3, 2023 – Arista Networks (NYSE:ANET) has garnered significant attention from institutional investors and hedge funds, as they continue to increase their stakes in the technology company. Lindbrook Capital LLC, for instance, recently boosted its holdings in Arista Networks by 6.5% during the first quarter of this year. The company now owns 3,097 shares valued at $520,000 after purchasing an additional 188 shares.
Another investor seeing growth in their position is Raleigh Capital Management Inc., whose ownership of Arista Networks increased by a substantial 55.7% in the first quarter. They acquired an extra 108 shares, with their total position now valued at $51,000.
Shelton Capital Management also made its presence known in the first quarter, acquiring a new stake worth approximately $246,000.
Similarly, Toth Financial Advisory Corp recorded a staggering increase of 273.1% in its holdings of Arista Networks during the same period. With an additional purchase of 3,018 shares, their total position is now worth $692,000.
Lastly, Empowered Funds LLC increased its holdings by 4.6% during the first quarter and currently possesses 23,398 shares valued at $3.9 million.
These figures indicate that institutional investors and hedge funds own approximately 67.13% of Arista Networks’ stock – a substantial portion indeed.
The increasing interest in Arista Network’s stock can be partly attributed to positive research analyst reports from reputable firms such as Morgan Stanley and The Goldman Sachs Group. These reports have significantly influenced the direction of ANET’s share price.
Morgan Stanley raised its target price on ANET from $150 to $185 and labeled the company as “equal weight.” Similarly, The Goldman Sachs Group designated it as a “buy” with an increased target price range of $193-$215.
Other research analysts, such as Wells Fargo & Company and Barclays, also increased their target prices on ANET, with the former raising it to $225 and the latter setting it at $200. These positive revisions demonstrate growing confidence in Arista Networks’ potential.
Analyst coverage of ANET indicates an average rating of “Moderate Buy” with an average price target estimated at $199.40, according to Bloomberg’s data set. This suggests that industry analysts are optimistic about the company’s future prospects and anticipate continued growth in its stock price.
On Tuesday, October 3rd, ANET opened at $187.81. The company currently boasts a market capitalization of $58.14 billion and a P/E ratio of 34.72. Moreover, ANET’s P/E/G ratio stands at 1.79 with a beta of 1.17.
Notably, Arista Networks reported its quarterly earnings results on July 31st this year. The technology company surpassed consensus estimates by posting earnings per share (EPS) of $1.58 for the quarter – exceeding expectations by $0.29.
Arista Networks recorded a net margin of 32.48% and a return on equity of 31.19%. In terms of revenue, the firm achieved $1.46 billion for the quarter as opposed to analysts’ predictions of $1.38 billion.
Comparing these figures with the same period in the previous year showcases significant progress in Arista Networks’ financial performance; during Q2 last year, they reported EPS of just $0.98.
Given its successful second-quarter performance and positive outlook from equities research analysts, there is anticipation for Arista Networks to post EPS of 5.49 for the current fiscal year.
In conclusion, Arista Networks has recently experienced notable interest from institutional investors and hedge funds who have increased their stakes in the technology company’s stock significantly. These moves are supported by positive research analyst reports, which have also contributed to higher target prices for ANET. With strong quarterly earnings and a positive rating from industry analysts, Arista Networks continues to show promise as it moves forward in the market.