Strategic Advisors LLC Invests $1.04 Million in Arista Networks, Inc. (NYSE:ANET)

Strategic Advisors LLC bought a new position in Arista Networks, Inc. (NYSE:ANET) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 2,717 shares of the technology company’s stock, valued at approximately $1,043,000.

Several other institutional investors have also recently made changes to their positions in ANET. Connectus Wealth LLC purchased a new position in shares of Arista Networks in the 4th quarter worth $210,000. Ethic Inc. raised its holdings in Arista Networks by 20.3% during the fourth quarter. Ethic Inc. now owns 25,143 shares of the technology company’s stock valued at $5,921,000 after acquiring an additional 4,242 shares during the period. LM Advisors LLC bought a new stake in Arista Networks during the fourth quarter valued at about $301,000. Gilder Gagnon Howe & Co. LLC raised its holdings in Arista Networks by 0.9% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 411,030 shares of the technology company’s stock valued at $96,802,000 after acquiring an additional 3,519 shares during the period. Finally, GLOBALT Investments LLC GA bought a new stake in Arista Networks during the fourth quarter valued at about $2,928,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET traded up $1.79 during mid-day trading on Thursday, hitting $408.72. 613,881 shares of the company were exchanged, compared to its average volume of 2,244,361. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $410.71. The company has a 50 day moving average of $355.96 and a 200-day moving average of $326.09. The stock has a market cap of $128.08 billion, a price-to-earnings ratio of 56.40, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the company posted $1.41 EPS. The business’s revenue was up 15.9% on a year-over-year basis. Research analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ANET has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. JPMorgan Chase & Co. lifted their target price on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Citigroup lifted their target price on Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a report on Tuesday. Morgan Stanley lifted their target price on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Finally, Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $369.50.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The disclosure for this sale can be found here. Insiders have sold 58,197 shares of company stock valued at $21,326,894 in the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Profile

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.