IMG Wealth Management Inc. Invests $95,000 in Arista Networks, Inc. (NYSE:ANET)

IMG Wealth Management Inc. bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 856 shares of the technology company’s stock, valued at approximately $95,000.

A number of other hedge funds have also modified their holdings of ANET. Caitlin John LLC grew its position in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC grew its position in shares of Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 191 shares during the last quarter. Cranbrook Wealth Management LLC grew its position in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares during the last quarter. Trust Co. of Vermont grew its position in Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares during the last quarter. Finally, New Millennium Group LLC grew its position in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after buying an additional 195 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 4.3 %

Shares of ANET stock opened at $83.58 on Monday. The firm has a 50-day moving average price of $105.75 and a 200 day moving average price of $101.94. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $133.58. The company has a market capitalization of $105.41 billion, a price-to-earnings ratio of 37.65, a PEG ratio of 3.10 and a beta of 1.08.

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

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,537,266.72. This represents a 86.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $89.03, for a total value of $712,240.00. Following the sale, the director now owns 147,784 shares of the company’s stock, valued at $13,157,209.52. The trade was a 5.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock valued at $49,112,111 in the last 90 days. 3.54% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ANET has been the topic of a number of analyst reports. Piper Sandler reiterated a “neutral” rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Morgan Stanley lifted their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Company 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.