NewEdge Wealth LLC Buys 35,033 Shares of Arista Networks, Inc. (NYSE:ANET)

NewEdge Wealth LLC boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 310.9% in the fourth quarter, Holdings Channel reports. The firm owned 46,302 shares of the technology company’s stock after acquiring an additional 35,033 shares during the period. NewEdge Wealth LLC’s holdings in Arista Networks were worth $5,118,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after purchasing an additional 411,109 shares during the period. Swedbank AB boosted its position in Arista Networks by 293.2% during the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after purchasing an additional 5,034,022 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Arista Networks by 294.1% during the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock worth $678,308,000 after buying an additional 4,579,622 shares during the last quarter. WCM Investment Management LLC lifted its holdings in shares of Arista Networks by 292.8% during the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after buying an additional 4,512,166 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Arista Networks by 4.2% during the third quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock worth $2,246,705,000 after buying an additional 236,151 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $91.50 on Friday. The business’s fifty day moving average price is $112.19 and its two-hundred day moving average price is $102.02. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The stock has a market capitalization of $115.40 billion, a price-to-earnings ratio of 41.22, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ANET. Needham & Company LLC reiterated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Rosenblatt Securities reiterated a “sell” rating and set a $80.00 price target on shares of Arista Networks in a report on Tuesday, February 18th. Wells Fargo & Company upped their price target on Arista Networks from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Finally, Evercore ISI upped their price target on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One 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 company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $113.79.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,405,171.04. This represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, the director now owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 416,008 shares of company stock worth $44,854,958 over the last three months. Company insiders own 3.54% of the company’s stock.

Arista Networks 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.