7,300 Shares in Arista Networks, Inc. (NYSE:ANET) Purchased by Miller Financial Services LLC

Miller Financial Services LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 7,300 shares of the technology company’s stock, valued at approximately $807,000.

A number of other hedge funds have also bought and sold shares of ANET. Swedbank AB grew its stake 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 buying an additional 5,034,022 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Arista Networks by 320.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock worth $713,721,000 after buying an additional 4,919,882 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Arista Networks by 294.1% during the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock worth $678,308,000 after buying an additional 4,579,622 shares in the last quarter. WCM Investment Management LLC grew its stake 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 buying an additional 4,512,166 shares in the last quarter. Finally, Amundi grew its stake in Arista Networks by 196.3% during the fourth quarter. Amundi now owns 6,342,064 shares of the technology company’s stock worth $732,493,000 after buying an additional 4,201,973 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction 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 completion of the sale, the chief executive officer now owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the sale, the director now directly owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. The trade was a 15.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock worth $49,112,111 in the last quarter. 3.54% of the stock is owned by corporate insiders.

Arista Networks Stock Performance

Arista Networks stock opened at $77.53 on Tuesday. The firm has a 50 day moving average price of $108.24 and a two-hundred day moving average price of $102.10. The firm has a market cap of $97.77 billion, a price-to-earnings ratio of 34.92, a PEG ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58.

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

Analyst Ratings Changes

A number of brokerages have issued reports on ANET. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Citigroup raised their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and issued a $145.00 price target on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $114.00.

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.