Wells Fargo & Company MN Buys 99,284 Shares of Arista Networks, Inc. (NYSE:ANET)

Wells Fargo & Company MN grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 11.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 960,346 shares of the technology company’s stock after purchasing an additional 99,284 shares during the period. Wells Fargo & Company MN owned approximately 0.31% of Arista Networks worth $226,171,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Balentine LLC increased its position in shares of Arista Networks by 11.8% during the fourth quarter. Balentine LLC now owns 7,680 shares of the technology company’s stock valued at $1,809,000 after acquiring an additional 808 shares in the last quarter. Thoroughbred Financial Services LLC grew its position in shares of Arista Networks by 7.8% during the 4th quarter. Thoroughbred Financial Services LLC now owns 4,458 shares of the technology company’s stock valued at $1,049,000 after acquiring an additional 324 shares during the period. Coldstream Capital Management Inc. lifted its stake in shares of Arista Networks by 18.9% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,755 shares of the technology company’s stock valued at $649,000 after buying an additional 437 shares in the last quarter. Gladstone Institutional Advisory LLC purchased a new position in shares of Arista Networks during the 4th quarter valued at $267,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Arista Networks by 7.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock valued at $12,082,000 after buying an additional 3,763 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and raised their target price for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. JPMorgan Chase & Co. raised their target price on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Evercore ISI lifted their price objective on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a report on Monday. Finally, Piper Sandler raised their target price on shares of Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $295.22.

Arista Networks Stock Performance

NYSE ANET opened at $319.00 on Wednesday. The stock has a 50-day simple moving average of $285.70 and a two-hundred day simple moving average of $259.76. The firm has a market capitalization of $99.96 billion, a P/E ratio of 44.15, a PEG ratio of 2.89 and a beta of 1.13. Arista Networks, Inc. has a fifty-two week low of $139.18 and a fifty-two week high of $329.04.

Arista Networks declared that its board has approved a share repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In related news, SVP Marc Taxay sold 11,650 shares of Arista Networks stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $286.28, for a total value of $3,335,162.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Jayshree Ullal sold 87,418 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,929,639.61. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Marc Taxay sold 11,650 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $286.28, for a total value of $3,335,162.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 400,210 shares of company stock worth $116,875,362. Insiders own 3.54% of the company’s stock.

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.