Wealthspire Advisors LLC Acquires 8,560 Shares of Arista Networks, Inc. (NYSE:ANET)

Wealthspire Advisors LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 183.5% during the 4th quarter, Holdings Channel reports. The firm owned 13,224 shares of the technology company’s stock after buying an additional 8,560 shares during the period. Wealthspire Advisors LLC’s holdings in Arista Networks were worth $1,462,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Stock Yards Bank & Trust Co. bought a new stake in shares of Arista Networks during the fourth quarter valued at approximately $242,000. Silver Oak Securities Incorporated grew its stake in Arista Networks by 395.8% during the fourth quarter. Silver Oak Securities Incorporated now owns 18,593 shares of the technology company’s stock valued at $2,072,000 after acquiring an additional 14,843 shares in the last quarter. Proactive Wealth Strategies LLC increased its holdings in Arista Networks by 387.6% in the 4th quarter. Proactive Wealth Strategies LLC now owns 6,120 shares of the technology company’s stock valued at $676,000 after acquiring an additional 4,865 shares during the last quarter. Chevy Chase Trust Holdings LLC lifted its stake in Arista Networks by 292.7% in the 4th quarter. Chevy Chase Trust Holdings LLC now owns 602,541 shares of the technology company’s stock worth $66,599,000 after purchasing an additional 449,088 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Arista Networks by 338.4% during the 4th quarter. Allworth Financial LP now owns 10,281 shares of the technology company’s stock valued at $1,136,000 after purchasing an additional 7,936 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Price Performance

ANET stock opened at $92.61 on Tuesday. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.57. The firm’s 50-day moving average is $113.18 and its 200 day moving average is $102.07. The company has a market capitalization of $116.80 billion, a PE ratio of 41.72, a P/E/G ratio of 3.27 and a beta of 1.09.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Sell-side analysts forecast that Arista Networks, Inc. will post 2.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ANET. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Barclays lifted their price objective on Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Citigroup raised their target price on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Finally, Morgan Stanley upped their price target on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $113.79.

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the sale, the director now owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. This represents a 15.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,405,171.04. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 260,056 shares of company stock worth $30,225,623 in the last ninety days. 3.54% of the stock is owned by company insiders.

About Arista Networks

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.