United Asset Strategies Inc. Takes $909,000 Position in Arista Networks, Inc. $ANET

United Asset Strategies Inc. bought a new position in Arista Networks, Inc. (NYSE:ANET) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 6,239 shares of the technology company’s stock, valued at approximately $909,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Bare Financial Services Inc lifted its stake in Arista Networks by 2,118.2% in the second 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 stake in shares of 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 buying an additional 72 shares during the last quarter. REAP Financial Group LLC raised its holdings 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 worth $34,000 after buying an additional 175 shares during the period. eCIO Inc. bought a new stake in shares of Arista Networks during the 1st quarter worth approximately $36,000. Finally, SJS Investment Consulting Inc. boosted its holdings in Arista Networks by 979.2% during the 3rd quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after acquiring an additional 235 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the sale, the chief executive officer owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. This trade represents a 70.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 422 shares of Arista Networks stock in a transaction on Friday, November 21st. The shares were sold at an average price of $117.15, for a total value of $49,437.30. Following the completion of the transaction, the director owned 8,980 shares in the company, valued at $1,052,007. This represents a 4.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 216,464 shares of company stock worth $28,488,988 in the last three months. Corporate insiders own 3.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ANET shares. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $145.00 to $159.00 in a research note on Monday. Wells Fargo & Company upped their price target on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Erste Group Bank lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Barclays reissued an “overweight” rating and issued a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Finally, Evercore ISI raised their target price on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Eighteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.44.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $123.77 on Friday. The stock has a market cap of $155.86 billion, a price-to-earnings ratio of 47.06, a PEG ratio of 2.19 and a beta of 1.41. The firm’s 50-day moving average is $131.12 and its two-hundred day moving average is $131.44. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the prior year, the company earned $2.40 EPS. The company’s revenue was up 27.5% compared to the same quarter last year. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

About Arista Networks

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.