Sandy Spring Bank Purchases 396 Shares of Arista Networks, Inc. (NYSE:ANET)

Sandy Spring Bank raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 300.0% in the fourth quarter, HoldingsChannel reports. The firm owned 528 shares of the technology company’s stock after buying an additional 396 shares during the quarter. Sandy Spring Bank’s holdings in Arista Networks were worth $58,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in ANET. State Street Corp grew its stake in shares of Arista Networks by 3.8% during the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after acquiring an additional 411,109 shares during the period. Swedbank AB grew its stake in shares of Arista Networks by 293.2% during the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after acquiring an additional 5,034,022 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Arista Networks by 320.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock valued at $713,721,000 after acquiring an additional 4,919,882 shares during the period. Amundi grew its stake in shares of Arista Networks by 196.3% during the 4th quarter. Amundi now owns 6,342,064 shares of the technology company’s stock valued at $732,493,000 after acquiring an additional 4,201,973 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Arista Networks by 294.1% during the 4th quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock valued at $678,308,000 after acquiring an additional 4,579,622 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares of the company’s stock, valued at $8,697,137.08. This represents a 59.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,101,013.60. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock valued at $49,112,111 in the last quarter. 3.54% of the stock is owned by insiders.

Arista Networks Stock Performance

NYSE:ANET opened at $83.26 on Friday. The stock’s fifty day moving average is $102.53 and its 200 day moving average is $101.74. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58. The firm has a market capitalization of $104.99 billion, a PE ratio of 37.50, a PEG ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last released its quarterly 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 company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ANET shares. The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Piper Sandler reissued a “neutral” rating and issued a $108.00 price target (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Rosenblatt Securities reissued a “sell” rating and issued a $80.00 price target on shares of Arista Networks in a report on Tuesday, February 18th. Finally, Citigroup boosted their price target on Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Arista Networks Company 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.