Spectrum Wealth Counsel LLC Buys 36,404 Shares of Arista Networks, Inc. (NYSE:ANET)

Spectrum Wealth Counsel LLC increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 302.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,459 shares of the technology company’s stock after acquiring an additional 36,404 shares during the period. Spectrum Wealth Counsel LLC’s holdings in Arista Networks were worth $5,356,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Strategic Blueprint LLC acquired a new position in Arista Networks during the 3rd quarter worth $266,000. Mutual Advisors LLC increased its holdings in Arista Networks by 13.1% during the 3rd quarter. Mutual Advisors LLC now owns 5,154 shares of the technology company’s stock worth $2,039,000 after purchasing an additional 595 shares in the last quarter. Financial Advocates Investment Management grew its holdings in shares of Arista Networks by 5.5% in the 3rd quarter. Financial Advocates Investment Management now owns 799 shares of the technology company’s stock valued at $307,000 after acquiring an additional 42 shares in the last quarter. HM Payson & Co. grew its holdings in shares of Arista Networks by 28.2% in the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after acquiring an additional 29 shares in the last quarter. Finally, AustralianSuper Pty Ltd lifted its stake in Arista Networks by 34.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 11,338 shares of the technology company’s stock valued at $4,352,000 after purchasing an additional 2,930 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ANET. Wells Fargo & Company raised their target price on shares of Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Morgan Stanley raised their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Piper Sandler reiterated a “neutral” rating and issued a $108.00 target price (up from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Finally, UBS Group raised their price objective on shares of Arista Networks from $106.00 to $112.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $113.79.

Arista Networks Stock Up 1.7 %

Shares of NYSE:ANET opened at $93.10 on Friday. The stock has a market cap of $117.41 billion, a price-to-earnings ratio of 41.94, a PEG ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.57. The business’s 50 day moving average is $111.80 and its 200 day moving average is $102.08.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. As a group, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,405,171.04. This represents a 86.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at $8,697,137.08. The trade was a 59.89 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 433,441 shares of company stock worth $46,538,462. 3.54% of the stock is owned by company insiders.

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.