abrdn plc Acquires 43,889 Shares of Arista Networks, Inc. (NYSE:ANET)

abrdn plc grew its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 62.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 113,851 shares of the technology company’s stock after purchasing an additional 43,889 shares during the quarter. abrdn plc’s holdings in Arista Networks were worth $26,813,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ANET. International Assets Investment Management LLC lifted its holdings in shares of Arista Networks by 6.7% in the 3rd quarter. International Assets Investment Management LLC now owns 2,427 shares of the technology company’s stock worth $441,000 after purchasing an additional 153 shares in the last quarter. Arkadios Wealth Advisors lifted its holdings in shares of Arista Networks by 7.5% in the 3rd quarter. Arkadios Wealth Advisors now owns 1,474 shares of the technology company’s stock worth $271,000 after purchasing an additional 103 shares in the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Arista Networks in the 3rd quarter worth $204,000. DAVENPORT & Co LLC lifted its holdings in shares of Arista Networks by 6.1% in the 3rd quarter. DAVENPORT & Co LLC now owns 6,179 shares of the technology company’s stock worth $1,137,000 after purchasing an additional 354 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Arista Networks by 74.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 14,070 shares of the technology company’s stock worth $2,588,000 after purchasing an additional 6,014 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Up 2.4 %

Shares of ANET opened at $251.28 on Wednesday. The company has a market cap of $78.56 billion, a PE ratio of 38.25, a price-to-earnings-growth ratio of 2.10 and a beta of 1.09. The stock has a 50-day moving average price of $279.29 and a 200-day moving average price of $246.19. Arista Networks, Inc. has a 12-month low of $131.68 and a 12-month high of $307.74.

Arista Networks (NYSE:ANET) last released its earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. Arista Networks’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 EPS. As a group, analysts predict that Arista Networks, Inc. will post 6.7 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ANET shares. Rosenblatt Securities restated a “sell” rating and set a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Wells Fargo & Company raised their price objective on Arista Networks from $225.00 to $310.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. KeyCorp raised their price objective on Arista Networks from $232.00 to $287.00 and gave the company an “overweight” rating in a research note on Thursday, January 18th. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. Finally, Melius upgraded Arista Networks from a “hold” rating to a “buy” rating in a research note on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $275.59.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $940,922.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Arista Networks news, SVP Marc Taxay sold 11,650 shares of Arista Networks stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $286.28, for a total value of $3,335,162.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $940,922.20. The disclosure for this sale can be found here. Insiders sold 334,227 shares of company stock worth $95,828,875 in the last quarter. 18.99% of the stock is owned by insiders.

Arista Networks Company 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.