Arista Networks, Inc. (NYSE:ANET) Shares Acquired by SP Asset Management LLC

SP Asset Management LLC lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 300.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,952 shares of the technology company’s stock after purchasing an additional 5,964 shares during the period. SP Asset Management LLC’s holdings in Arista Networks were worth $879,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Swedbank AB increased its position in Arista Networks by 293.2% during the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after purchasing an additional 5,034,022 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock valued at $713,721,000 after buying an additional 4,919,882 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Arista Networks by 294.1% in the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock worth $678,308,000 after acquiring an additional 4,579,622 shares during the last quarter. WCM Investment Management LLC raised its position in shares of Arista Networks by 292.8% in the 4th quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after buying an additional 4,512,166 shares during the period. Finally, DSM Capital Partners LLC increased its position in Arista Networks by 259.7% during the 4th quarter. DSM Capital Partners LLC now owns 5,188,878 shares of the technology company’s stock worth $573,527,000 after purchasing an additional 3,746,407 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on ANET. Wells Fargo & Company boosted their price target on Arista Networks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Morgan Stanley lifted their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. The Goldman Sachs Group lifted their target price on Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Piper Sandler restated a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Barclays lifted their price objective on shares of Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Stock Up 2.7 %

NYSE ANET opened at $87.83 on Thursday. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $133.57. The business has a 50-day moving average price of $110.13 and a 200-day moving average price of $102.14. The firm has a market cap of $110.76 billion, a price-to-earnings ratio of 39.56, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $89.03, for a total value of $712,240.00. Following the transaction, the director now owns 147,784 shares of the company’s stock, valued at $13,157,209.52. This represents a 5.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Monday, January 6th. The stock was sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 491,289 shares of company stock worth $51,018,617 in the last three months. Corporate 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.