Arista Networks, Inc. (NYSE:ANET) Shares Purchased by AdvisorNet Financial Inc

AdvisorNet Financial Inc boosted its holdings in Arista Networks, Inc. (NYSE:ANETGet Rating) by 20.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,430 shares of the technology company’s stock after purchasing an additional 916 shares during the quarter. AdvisorNet Financial Inc’s holdings in Arista Networks were worth $509,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ANET. HighTower Advisors LLC boosted its holdings in shares of Arista Networks by 335.6% in the fourth quarter. HighTower Advisors LLC now owns 13,551 shares of the technology company’s stock valued at $1,953,000 after acquiring an additional 10,440 shares during the period. Covestor Ltd acquired a new stake in shares of Arista Networks in the fourth quarter valued at approximately $49,000. Candriam Luxembourg S.C.A. boosted its holdings in shares of Arista Networks by 245.6% in the fourth quarter. Candriam Luxembourg S.C.A. now owns 10,810 shares of the technology company’s stock valued at $1,554,000 after acquiring an additional 7,682 shares during the period. Private Advisor Group LLC boosted its holdings in shares of Arista Networks by 270.5% in the fourth quarter. Private Advisor Group LLC now owns 11,111 shares of the technology company’s stock valued at $1,597,000 after acquiring an additional 8,112 shares during the period. Finally, abrdn plc boosted its holdings in shares of Arista Networks by 267.1% in the fourth quarter. abrdn plc now owns 69,944 shares of the technology company’s stock valued at $10,054,000 after acquiring an additional 50,893 shares during the period. 63.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ANET. Deutsche Bank Aktiengesellschaft began coverage on Arista Networks in a report on Wednesday, August 24th. They issued a “hold” rating and a $135.00 price objective for the company. Barclays decreased their price target on Arista Networks from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Tuesday, August 2nd. Cowen increased their price target on Arista Networks from $154.00 to $163.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. Evercore ISI increased their price target on Arista Networks from $135.00 to $145.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. Finally, Citigroup increased their price target on Arista Networks from $160.00 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $156.40.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CFO Ita M. Brennan sold 19,500 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $129.60, for a total transaction of $2,527,200.00. Following the completion of the transaction, the chief financial officer now directly owns 28,500 shares in the company, valued at approximately $3,693,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, CFO Ita M. Brennan sold 19,500 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $129.60, for a total transaction of $2,527,200.00. Following the completion of the transaction, the chief financial officer now directly owns 28,500 shares in the company, valued at approximately $3,693,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 165,832 shares of the firm’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $124.51, for a total transaction of $20,647,742.32. Following the transaction, the chief executive officer now owns 6,311 shares of the company’s stock, valued at $785,782.61. The disclosure for this sale can be found here. In the last three months, insiders sold 268,229 shares of company stock worth $32,746,091. 19.59% of the stock is owned by corporate insiders.

Arista Networks Stock Performance

NYSE:ANET opened at $115.73 on Monday. The stock has a fifty day moving average price of $117.54 and a two-hundred day moving average price of $114.71. The stock has a market capitalization of $35.21 billion, a price-to-earnings ratio of 35.69, a PEG ratio of 1.76 and a beta of 1.33. Arista Networks, Inc. has a 1 year low of $85.18 and a 1 year high of $148.57.

Arista Networks (NYSE:ANETGet Rating) last announced its quarterly earnings results on Monday, August 1st. The technology company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.20. Arista Networks had a return on equity of 24.03% and a net margin of 29.55%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $979.66 million. During the same quarter last year, the business posted $0.56 earnings per share. The business’s revenue for the quarter was up 48.7% on a year-over-year basis. On average, analysts predict that Arista Networks, Inc. will post 3.53 EPS for the current year.

About Arista Networks

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Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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