Fayez Sarofim & Co Acquires 2,362 Shares of Arista Networks, Inc. (NYSE:ANET)

Fayez Sarofim & Co raised its stake in Arista Networks, Inc. (NYSE:ANET) by 276.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,216 shares of the technology company’s stock after purchasing an additional 2,362 shares during the period. Fayez Sarofim & Co’s holdings in Arista Networks were worth $355,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. IHT Wealth Management LLC lifted its holdings in shares of Arista Networks by 118.3% during the 4th quarter. IHT Wealth Management LLC now owns 29,250 shares of the technology company’s stock worth $3,233,000 after acquiring an additional 15,851 shares during the period. Goldstream Capital Management Ltd increased its position in shares of Arista Networks by 296.6% during the 4th quarter. Goldstream Capital Management Ltd now owns 46,500 shares of the technology company’s stock worth $5,140,000 after purchasing an additional 34,775 shares in the last quarter. J. Safra Sarasin Holding AG lifted its holdings in Arista Networks by 176.7% during the 4th quarter. J. Safra Sarasin Holding AG now owns 221,999 shares of the technology company’s stock valued at $24,538,000 after purchasing an additional 141,774 shares during the last quarter. OneDigital Investment Advisors LLC boosted its position in Arista Networks by 289.0% in the fourth quarter. OneDigital Investment Advisors LLC now owns 17,197 shares of the technology company’s stock valued at $1,901,000 after buying an additional 12,776 shares in the last quarter. Finally, Stifel Financial Corp boosted its position in Arista Networks by 324.0% in the fourth quarter. Stifel Financial Corp now owns 688,006 shares of the technology company’s stock valued at $76,045,000 after buying an additional 525,754 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ANET. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Citigroup lowered their target price on Arista Networks from $121.00 to $92.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, Piper Sandler dropped their target price on shares of Arista Networks from $108.00 to $76.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $106.07.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $67.68 on Tuesday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a market capitalization of $85.35 billion, a price-to-earnings ratio of 30.49, a PEG ratio of 3.10 and a beta of 1.30. The firm has a fifty day moving average of $83.39 and a two-hundred day moving average of $99.08.

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

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the sale, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total transaction of $896,160.00. Following the completion of the transaction, the director now owns 155,784 shares of the company’s stock, valued at $17,450,923.68. This trade represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 410,863 shares of company stock worth $39,344,612 in the last ninety days. Company insiders own 3.54% of the company’s stock.

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.