Csenge Advisory Group Buys 2,397 Shares of Arista Networks, Inc. (NYSE:ANET)

Csenge Advisory Group lifted its position in Arista Networks, Inc. (NYSE:ANET) by 107.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 4,635 shares of the technology company’s stock after acquiring an additional 2,397 shares during the period. Csenge Advisory Group’s holdings in Arista Networks were worth $512,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Swedbank AB increased its stake in shares of Arista Networks by 293.2% during the 4th 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 during the last quarter. WCM Investment Management LLC grew its holdings in Arista Networks by 292.8% during the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after purchasing an additional 4,512,166 shares during the period. Jennison Associates LLC increased its position in Arista Networks by 307.7% during the fourth quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock worth $512,056,000 after buying an additional 3,496,497 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Arista Networks by 306.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,433,425 shares of the technology company’s stock valued at $268,966,000 after buying an additional 1,835,421 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Arista Networks by 322.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,323,157 shares of the technology company’s stock valued at $259,557,000 after buying an additional 1,773,777 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Morgan Stanley increased their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Wells Fargo & Company increased their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their target price on shares of Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Piper Sandler reissued a “neutral” rating and issued a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Finally, Evercore ISI boosted their price objective on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $107.59.

Arista Networks Stock Performance

NYSE:ANET opened at $111.05 on Wednesday. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The company has a market cap of $139.89 billion, a price-to-earnings ratio of 53.39, a PEG ratio of 3.10 and a beta of 1.09. The stock has a fifty day moving average price of $113.95 and a 200-day moving average price of $101.32.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. Research analysts predict that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 71,036 shares of Arista Networks stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $100.06, for a total value of $7,107,506.98. Following the transaction, the chief executive officer now owns 70,724 shares in the company, valued at $7,076,289.82. The trade was a 50.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the transaction, the director now directly owns 8,128 shares of the company’s stock, valued at $870,752.64. This trade represents a 15.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 337,320 shares of company stock valued at $37,946,706 over the last three months. 3.54% of the stock is owned by 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.