OLD National Bancorp IN Invests $235,000 in Arista Networks, Inc. (NYSE:ANET)

OLD National Bancorp IN purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 999 shares of the technology company’s stock, valued at approximately $235,000.

Several other hedge funds have also recently made changes to their positions in ANET. DAVENPORT & Co LLC increased its position 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 valued at $1,137,000 after acquiring an additional 354 shares during the period. Asset Management One Co. Ltd. increased its position in shares of Arista Networks by 3.1% in the 3rd quarter. Asset Management One Co. Ltd. now owns 116,762 shares of the technology company’s stock valued at $21,476,000 after acquiring an additional 3,506 shares during the period. Handelsbanken Fonder AB increased its position in shares of Arista Networks by 0.5% in the 3rd quarter. Handelsbanken Fonder AB now owns 88,549 shares of the technology company’s stock valued at $16,287,000 after acquiring an additional 425 shares during the period. Connecticut Wealth Management LLC acquired a new position in shares of Arista Networks in the 3rd quarter valued at $219,000. Finally, Ballentine Partners LLC acquired a new position in shares of Arista Networks in the 3rd quarter valued at $262,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ANET shares. Oppenheimer reissued a “market perform” rating on shares of Arista Networks in a research report on Tuesday, February 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a report on Tuesday, February 13th. JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Piper Sandler upped their price target on shares of Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a report on Tuesday, February 13th. Finally, Rosenblatt Securities reaffirmed a “sell” rating and issued a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $275.59.

Arista Networks Trading Down 0.1 %

Shares of Arista Networks stock opened at $264.57 on Friday. The firm has a market capitalization of $82.71 billion, a PE ratio of 40.27, a P/E/G ratio of 2.18 and a beta of 1.09. Arista Networks, Inc. has a twelve month low of $131.68 and a twelve month high of $307.74. The firm’s 50-day moving average price is $279.09 and its 200 day moving average price is $246.85.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. Arista Networks’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period last year, the company posted $1.25 EPS. On average, sell-side analysts predict that Arista Networks, Inc. will post 6.7 EPS for the current fiscal year.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 980 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $268.29, for a total value of $262,924.20. Following the transaction, the chief executive officer now directly owns 73,051 shares of the company’s stock, valued at approximately $19,598,852.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $284.31, for a total value of $5,686,200.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $922,301.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 980 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $268.29, for a total transaction of $262,924.20. Following the completion of the sale, the chief executive officer now owns 73,051 shares of the company’s stock, valued at approximately $19,598,852.79. The disclosure for this sale can be found here. In the last three months, insiders have sold 333,494 shares of company stock valued at $95,632,321. 18.99% of the stock is owned by corporate insiders.

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.