Apollon Wealth Management LLC Acquires 1,733 Shares of Arista Networks, Inc. (NYSE:ANET)

Apollon Wealth Management LLC grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 38.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,244 shares of the technology company’s stock after acquiring an additional 1,733 shares during the period. Apollon Wealth Management LLC’s holdings in Arista Networks were worth $1,471,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. FMR LLC boosted its stake in Arista Networks by 32.2% during the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock valued at $1,897,906,000 after buying an additional 2,515,864 shares during the period. Schroder Investment Management Group grew its stake in Arista Networks by 439.3% in the 3rd quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock worth $231,624,000 after buying an additional 1,025,815 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Arista Networks by 25,188.0% during the 4th quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock worth $1,445,420,000 after acquiring an additional 611,312 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Arista Networks by 294.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 745,634 shares of the technology company’s stock valued at $175,604,000 after acquiring an additional 556,568 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Arista Networks by 122.1% during the third quarter. Envestnet Asset Management Inc. now owns 826,160 shares of the technology company’s stock valued at $151,956,000 after purchasing an additional 454,146 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at $922,301.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $286.52, for a total value of $573,040.00. Following the transaction, the director now owns 60,946 shares in the company, valued at $17,462,247.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $922,301.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 337,054 shares of company stock valued at $96,529,086. 3.54% of the stock is currently owned by insiders.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $291.67 on Thursday. The company has a market capitalization of $91.19 billion, a PE ratio of 44.39, a PEG ratio of 2.33 and a beta of 1.13. The business has a fifty day moving average price of $279.22 and a 200-day moving average price of $251.25. Arista Networks, Inc. has a 1-year low of $133.42 and a 1-year high of $307.74.

Arista Networks (NYSE:ANET) last issued its earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.38. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.25 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 6.74 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have commented on ANET. Evercore ISI reissued an “outperform” rating and set a $300.00 price target on shares of Arista Networks in a research note on Wednesday, March 27th. JMP Securities reaffirmed a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a research note on Tuesday, February 13th. UBS Group lifted their target price on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, KeyCorp lifted their price objective on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $292.50.

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.