Summit Financial LLC Has $520,000 Stock Position in Arista Networks, Inc. (NYSE:ANET)

Summit Financial LLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 322.3% in the fourth quarter, Holdings Channel reports. The firm owned 4,704 shares of the technology company’s stock after buying an additional 3,590 shares during the period. Summit Financial LLC’s holdings in Arista Networks were worth $520,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in ANET. Anchor Investment Management LLC raised its position in Arista Networks by 35.0% during the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after acquiring an additional 35 shares in the last quarter. LRI Investments LLC increased its holdings in shares of Arista Networks by 3.1% during the 3rd quarter. LRI Investments LLC now owns 1,368 shares of the technology company’s stock valued at $528,000 after acquiring an additional 41 shares during the last quarter. Rehmann Capital Advisory Group raised its stake in shares of Arista Networks by 3.8% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock valued at $453,000 after acquiring an additional 43 shares in the last quarter. Old North State Trust LLC lifted its holdings in Arista Networks by 6.9% in the 3rd quarter. Old North State Trust LLC now owns 1,371 shares of the technology company’s stock worth $526,000 after purchasing an additional 89 shares during the last quarter. Finally, Orion Portfolio Solutions LLC boosted its position in Arista Networks by 0.8% during the third quarter. Orion Portfolio Solutions LLC now owns 12,723 shares of the technology company’s stock worth $4,883,000 after purchasing an additional 97 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of ANET stock opened at $71.15 on Friday. The firm has a fifty day moving average of $95.30 and a 200-day moving average of $101.39. The stock has a market cap of $89.73 billion, a price-to-earnings ratio of 32.05, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58.

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

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Monday, January 6th. The shares were 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 owns 12,976 shares in the company, valued at $1,537,266.72. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock worth $48,840,431 in the last 90 days. 3.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently commented on ANET shares. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler reiterated a “neutral” rating and set a $108.00 price target (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.