Strategic Financial Concepts LLC Invests $3.53 Million in Arista Networks, Inc. (NYSE:ANET)

Strategic Financial Concepts LLC bought a new stake in Arista Networks, Inc. (NYSE:ANET) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 31,921 shares of the technology company’s stock, valued at approximately $3,528,000.

A number of other institutional investors also recently added to or reduced their stakes in ANET. State Street Corp raised its position in shares of Arista Networks by 3.8% during the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after acquiring an additional 411,109 shares in the last quarter. Swedbank AB raised its holdings 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Arista Networks by 4.2% during the 3rd 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. Jennison Associates LLC boosted its holdings in shares of Arista Networks by 307.7% in the 4th quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock valued at $512,056,000 after buying an additional 3,496,497 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Arista Networks by 22.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after buying an additional 492,615 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ANET shares. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Rosenblatt Securities upped their target price on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research report on Friday, November 8th. Piper Sandler reiterated a “neutral” rating and issued a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Evercore ISI raised their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, UBS Group upped their price target on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Price Performance

ANET opened at $118.52 on Monday. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.57. The stock has a market capitalization of $149.31 billion, a P/E ratio of 56.98, a P/E/G ratio of 3.10 and a beta of 1.09. The business has a 50 day simple moving average of $113.21 and a 200-day simple moving average of $99.91.

Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the firm earned $0.41 EPS. The business’s revenue was up 20.0% on a year-over-year basis. Research analysts anticipate that Arista Networks, Inc. will post 1.97 EPS for the current year.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $108.29, for a total value of $8,663,200.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,405,171.04. This trade represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $412.65, for a total transaction of $825,300.00. Following the completion of the sale, the director now owns 42,946 shares in the company, valued at $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 255,832 shares of company stock valued at $28,538,497. Corporate insiders own 3.54% of the company’s stock.

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.