Independent Solutions Wealth Management LLC Raises Holdings in Arista Networks, Inc. (NYSE:ANET)

Independent Solutions Wealth Management LLC increased its position in Arista Networks, Inc. (NYSE:ANET) by 294.2% in the 4th quarter, HoldingsChannel reports. The fund owned 30,935 shares of the technology company’s stock after purchasing an additional 23,087 shares during the period. Independent Solutions Wealth Management LLC’s holdings in Arista Networks were worth $3,419,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ANET. Caitlin John LLC increased its stake in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after purchasing an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC boosted its holdings in Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after buying an additional 191 shares during the period. Cranbrook Wealth Management LLC grew its stake in Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares in the last quarter. Trust Co. of Vermont raised its holdings in Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares during the period. Finally, New Millennium Group LLC lifted its position in shares of Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 195 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $82.85 on Friday. The firm has a market capitalization of $104.48 billion, a PE ratio of 37.32, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58. The firm has a fifty day moving average of $103.15 and a 200 day moving average of $101.64.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated 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 completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,537,266.72. This represents a 86.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total value of $892,080.00. Following the completion of the transaction, the director now directly owns 163,784 shares in the company, valued at $18,263,553.84. This trade represents a 4.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock worth $49,112,111 over the last ninety days. Insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the subject of several recent research reports. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, Evercore ISI increased their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $114.00.

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.