Wedge Capital Management L L P NC, a prominent institutional investor, has reported an increase in its holdings of Arista Networks, Inc. (NYSE:ANET) during the second quarter. According to the filing with the Securities & Exchange Commission, Wedge Capital Management now owns 454,787 shares of the technology company’s stock, reflecting a 3.3% increase after acquiring an additional 14,660 shares during that period. The value of this stake amounts to $73,703,000 and constitutes approximately 1.2% of Wedge Capital Management’s total holdings. Notably, this makes Arista Networks the 15th largest holding within their diverse portfolio.
It is worth mentioning that Arista Networks has witnessed positive market activity recently. On Friday, September 24th, the company’s stock (ANET) was traded at $180.34 during midday trading sessions. The trading volume amounted to 1,410,241 shares for the day compared to an average volume of around 1,618,566 shares. This indicates a significant level of investor interest in Arista Networks.
Over the past year, ANET stock has ranged from a low of $98.20 to a high of $198.70 and currently boasts a market capitalization of $55.83 billion. With a price-to-earnings (P/E) ratio standing at 33.33 and a relatively low P/E-to-growth (P/E/G) ratio of 1.73, Arista Networks appears to offer an appealing investment opportunity in the technology sector.
In terms of technical analysis metrics for ANET stock performance over time, it is worth noting that there is a positive trend displayed by both its 50-day moving average price of $181.20 and its 200-day moving average price of $165.11 as recorded on September 24th.
These recent developments highlight Wedge Capital Management L L P NC’s confidence in Arista Networks and its potential for future growth. Investors seeking opportunities in the technology sector may find it prudent to consider the performance and prospects of Arista Networks, Inc.
Please note that this article reflects information as of September 24, 2023, and any changes or developments afterward should be taken into account when evaluating investment decisions.
Recent Developments in Arista Networks: Institutional Investors, Insider Trading, Quarterly Earnings, and Analyst Reports
Arista Networks (NYSE:ANET) has recently seen changes in its positions by various institutional investors and hedge funds. Hollencrest Capital Management acquired a new stake in Arista Networks during the first quarter, investing an estimated $30,000. TFC Financial Management Inc. also grew its holdings in the company by 131.0% during the same period, now owning 194 shares valued at $33,000. Close Asset Management Ltd joined in and acquired a new position valued at about $43,000 during the first quarter as well. McIlrath & Eck LLC experienced a significant growth in their holdings by 139.6% after buying an additional 148 shares worth $43,000.
To add to these recent developments, Coppell Advisory Solutions Corp. invested around $43,000 into Arista Networks during the fourth quarter of last year. These moves by various institutional investors and hedge funds account for approximately 67.13% of Arista Networks’ stock.
In other news related to Arista Networks, Director Kelly Bodnar Battles recently sold 284 shares of the business’s stock on September 12th at an average price of $191.65 per share for a total value of $54,428.60. Following this sale, Kelly Bodnar Battles now holds around 2,743 shares in the company with a market value of approximately $525,695.95.
Additionally, COO Anshul Sadana sold a total of 25,212 shares of Arista Networks’ stock on August 1st at an average price of $180.11 per share for a total transaction amounting to $4,540,933.32. Anshul Sadana currently holds about 25,378 shares in the company with a market value of around $4,5708301.
Insider trading has been prevalent over the past ninety days with insiders selling off 143,212 shares of the company’s stock totaling $26,086,688. This means that approximately 18.99% of the stock is currently owned by insiders.
Turning to Arista Networks’ latest quarterly earnings report which was published on July 31st, the technology company surpassed analysts’ estimated earnings per share (EPS) of $1.29 with a reported EPS of $1.58. The company also exceeded revenue expectations for the quarter as it reached $1.46 billion, whereas analysts had predicted it to be around $1.38 billion. This marks a significant 38.7% increase in quarterly revenue compared to the same period last year when their earnings per share accounted for $0.98.
Analysts’ opinions about Arista Networks have been largely favorable as well. Needham & Company LLC raised their price target from $195 to $200 and gave the stock a “buy” rating in a recent report on August 1st. The Goldman Sachs Group also upgraded their price target from $193 to $215 and gave Arista Networks a “buy” rating in another research report on August 1st.
StockNews.com initiated coverage on Arista Networks and suggested a “hold” rating on the stock in their recent report published on August 17th. Piper Sandler also raised their target price from $166 to $190 and maintained an “overweight” rating in their research report released on August 1st.
Moreover, Argus raised its price objective from $195 to $225 and provided a “buy” recommendation for the company in yet another report released on August 2nd.
In conclusion, recent developments regarding institutional investors, insider trading activities, quarterly earnings results, and analyst reports show both promising signs and high market confidence in Arista Networks (NYSE:ANET). However, investors must exercise caution and conduct thorough analysis before making any investment decisions related to the company’s stock.