Envestnet Asset Management Inc. Buys 2,386,996 Shares of Arista Networks, Inc. (NYSE:ANET)

Envestnet Asset Management Inc. raised its position in Arista Networks, Inc. (NYSE:ANET) by 310.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 3,154,978 shares of the technology company’s stock after buying an additional 2,386,996 shares during the period. Envestnet Asset Management Inc. owned about 0.25% of Arista Networks worth $348,720,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in ANET. Anchor Investment Management LLC increased its position in Arista Networks by 35.0% in the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after purchasing an additional 35 shares during the period. Caitlin John LLC boosted its stake in shares of Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after purchasing 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 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after buying an additional 191 shares during the period. New Millennium Group LLC raised its stake in shares of Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 195 shares during the last quarter. Finally, Cranbrook Wealth Management LLC lifted its holdings in Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,488 shares of the company’s 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 sale, the director now owns 8,128 shares in the company, valued at approximately $870,752.64. This represents a 15.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,537,266.72. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock valued at $48,840,431 in the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on ANET. Citigroup upped their target price on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Piper Sandler reissued a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Trading Down 9.8 %

Shares of NYSE ANET opened at $64.28 on Friday. The company has a fifty day moving average price of $94.01 and a 200 day moving average price of $101.29. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58. The firm has a market cap of $81.07 billion, a PE ratio of 28.96, a PEG ratio of 3.10 and a beta of 1.30.

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

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.