On September 14, 2023, Sheets Smith Wealth Management announced that it has acquired a new stake in Arista Networks, Inc. (NYSE:ANET) during the first quarter of the year. This move is in accordance with its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 1,812 shares of the technology company’s stock, which are valued at approximately $304,000.
Arista Networks, Inc., with an opening price of $188.09 on Thursday, has traded within a range of $98.20 to $198.70 over the past twelve months. The company exhibits a fifty-day simple moving average of $178.21 and a two-hundred-day simple moving average of $163.13. With a market capitalization of $58.23 billion, Arista Networks boasts a price-to-earnings (P/E) ratio of 34.77 and a P/E/G ratio of 1.90. Furthermore, it possesses a beta value of 1.17.
This acquisition by Sheets Smith Wealth Management signifies their confidence in Arista Networks’ potential for growth and success in the technology sector. With their investment in ANET, they recognize the value and prospects this company presents.
It is important to note that such acquisitions by institutional investors can influence market dynamics and impact stock prices accordingly. As more stakeholders express interest and acquire shares in Arista Networks, it may result in an increased demand for the stock.
Investors and industry experts will be monitoring these developments closely as they observe how this acquisition affects Arista Networks’ performance in the market moving forward.
Disclaimer: The above article is intended for informational purposes only and should not be construed as financial advice or recommendations regarding specific investments or strategies.
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Arista Networks Sees Changes in Investor Holdings and Insider Trading Activity
September 14, 2023 – Arista Networks, Inc. (NYSE:ANET), a leading technology company, has recently seen modification in its holdings by several large investors. Lindbrook Capital LLC increased its stake in Arista Networks by 6.5% during the first quarter. The firm now owns 3,097 shares of the company’s stock valued at $520,000 after purchasing an additional 188 shares. Shelton Capital Management also bought a new stake in Arista Networks during the same period valued at approximately $246,000.
Quadrant Capital Group LLC witnessed a growth of 51.4% in its stake of Arista Networks during the fourth quarter and now owns 2,352 shares valued at $285,000 after acquiring an additional 799 shares. Furthermore, Toth Financial Advisory Corp saw their stake grow by 273.1% during the first quarter and now owns 4,123 shares valued at $692,000 after purchasing an additional 3,018 shares.
In addition to these investments, Empowered Funds LLC increased their stake by 4.6% during the first quarter and now owns 23,398 shares valued at $3,928,000 after acquiring an additional 1,019 shares of Arista Networks’ stock. Overall, institutional investors currently own approximately 67.13% of the company’s stock.
In recent news concerning Arista Networks’ insiders trading activity, on Friday September 1st insider John F. Mccool sold 1,000 shares of stock at an average price of $197.78 for a total transaction of $197,780.00. Following this transaction he now holds around 144 shares in the company valued at approximately $28,480.32.
Furthermore on Monday September 11th Senior Vice President Kenneth Duda sold off his stocks with an average price of $192.48 per share for a total transaction of $673,680. Following the completion of this transaction, Duda now directly owns 216,100 shares in the company valued at approximately $41,594,928. In another stock sale event on September 1st, insider John F. Mccool sold 1,000 shares of Arista Networks’ stock at an average price of $197.78 for a total transaction of $197,780. After this latest transaction, Mccool now owns 144 shares valued at $28,480.32.
Throughout the last 90 days alone, insiders have sold a staggering 140,928 shares of Arista Networks’ stock worth $25,655,219. Considering this recent activity by corporate insiders who own approximately 18.99% of the company’s stock raises some interesting questions.
Arista Networks released its quarterly earnings data on Monday July 31st with impressive results that surpassed analysts’ expectations. The company reported an earning per share (EPS) of $1.58 for the quarter compared to consensus estimates of $1.29 EPS—an overperformance by $0.29.
Additionally, Arista Networks had a net margin rate of 32.48% and a return on equity rate of 31.19%. The company generated revenue amounting to $1.46 billion during the quarter—surpassing analysts’ forecasted revenue expectation of $1.38 billion.
In terms of year-over-year growth comparison with the same quarter in the prior year, Arista Networks experienced an impressive rise in quarterly revenue by 38.7%. Based on these positive results and performance indicators from their recent earnings report as well as past quarters’, equities research analysts predict that Arista Networks is likely to post an earnings per share figure reaching approximately $5.49 for the current fiscal year.
Several analyst reports have been released regarding ANET’s performance and future prospects. Morgan Stanley raised their target price for Arista Networks from $150.00 to $185.00 and gave the stock an “equal weight” rating on August 1st. Bank of America, meanwhile, increased their price objective for Arista Networks from $190.00 to $225.00 and gave the stock a “buy” rating.
Piper Sandler also raised their price objective on Arista Networks from $166.00 to $190.00, providing an “overweight” rating in their report released on August 1st. JMP Securities reaffirmed a “market outperform” rating and set a $200.00 price objective for ANET’s shares on August 1st as well.
Furthermore, BNP Paribas started coverage on Arista Networks with an “outperform” rating and a price objective of $210.00 per share in their report issued on July 20th.
With a consensus target price of approximately $197.40, according to Bloomberg’s average rating system which currently suggests a “Moderate Buy” sentiment, it is clear that there is significant optimism surrounding the future performance and prospects of Arista Networks, Inc.
In conclusion, recent modifications among large investors along with insider trading activity have garnered attention within the market
