Traynor Capital Management Inc. Buys 7,030 Shares of Arista Networks, Inc. $ANET

Traynor Capital Management Inc. boosted its stake in Arista Networks, Inc. (NYSE:ANET) by 342.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,081 shares of the technology company’s stock after acquiring an additional 7,030 shares during the period. Traynor Capital Management Inc.’s holdings in Arista Networks were worth $1,323,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bare Financial Services Inc increased its stake in shares of Arista Networks by 2,118.2% during the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after purchasing an additional 233 shares during the last quarter. AdvisorNet Financial Inc grew its holdings in Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares during the period. Richardson Financial Services Inc. increased its position in Arista Networks by 141.3% in the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after buying an additional 130 shares during the last quarter. REAP Financial Group LLC raised its stake in shares of Arista Networks by 108.0% in the second quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after buying an additional 175 shares during the period. Finally, SJS Investment Consulting Inc. raised its stake in shares of Arista Networks by 979.2% in the third quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after buying an additional 235 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ANET shares. Zacks Research lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Barclays reiterated an “overweight” rating and set a $183.00 target price (up previously from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $145.00 to $159.00 in a research report on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Finally, Morgan Stanley reduced their price objective on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $164.44.

Arista Networks Trading Up 2.5%

Arista Networks stock opened at $150.31 on Thursday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94. The firm has a market capitalization of $189.28 billion, a PE ratio of 57.15, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41. The firm’s 50 day simple moving average is $129.93 and its 200 day simple moving average is $134.76.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The business’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.40 EPS. Research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $133.79, for a total transaction of $1,070,320.00. Following the completion of the transaction, the director owned 17,784 shares of the company’s stock, valued at approximately $2,379,321.36. The trade was a 31.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kenneth Duda sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $128.61, for a total transaction of $3,858,300.00. Following the completion of the sale, the insider directly owned 12,976 shares in the company, valued at $1,668,843.36. This represents a 69.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 216,464 shares of company stock worth $27,687,068 over the last ninety days. 3.54% of the stock is owned by corporate insiders.

Arista Networks Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.