Legacy Financial Advisors Inc. Boosts Holdings in Arista Networks, Inc. (NYSE:ANET)

Legacy Financial Advisors Inc. grew its position in shares of Arista Networks, Inc. (NYSE:ANET) by 360.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,318 shares of the technology company’s stock after buying an additional 2,598 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Arista Networks were worth $367,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Morse Asset Management Inc purchased a new stake in shares of Arista Networks in the third quarter valued at approximately $123,000. Continuum Advisory LLC lifted its holdings in Arista Networks by 783.8% in the third quarter. Continuum Advisory LLC now owns 327 shares of the technology company’s stock valued at $126,000 after acquiring an additional 290 shares during the period. Coldstream Capital Management Inc. boosted its position in shares of Arista Networks by 13.0% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,359 shares of the technology company’s stock worth $1,678,000 after purchasing an additional 503 shares in the last quarter. Toronto Dominion Bank grew its stake in shares of Arista Networks by 1.0% during the 3rd quarter. Toronto Dominion Bank now owns 139,712 shares of the technology company’s stock worth $53,624,000 after purchasing an additional 1,355 shares during the period. Finally, Sunbelt Securities Inc. increased its holdings in shares of Arista Networks by 193.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 689 shares of the technology company’s stock valued at $264,000 after purchasing an additional 454 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Citigroup boosted their price target on Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Rosenblatt Securities reiterated a “sell” rating and set a $80.00 target price on shares of Arista Networks in a research report on Tuesday, February 18th. Finally, Piper Sandler dropped their price target on Arista Networks from $108.00 to $76.00 and set a “neutral” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $108.50.

Arista Networks Stock Performance

Shares of ANET stock opened at $72.53 on Friday. The firm has a market capitalization of $91.47 billion, a price-to-earnings ratio of 32.67, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. The company has a 50 day moving average price of $89.54 and a 200 day moving average price of $100.29. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58.

Arista Networks (NYSE:ANET) last issued its earnings results 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. The business 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 analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the transaction, the director now directly owns 139,784 shares of the company’s stock, valued at approximately $10,840,249.20. The trade was a 5.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 411,031 shares of company stock valued at $39,364,943. Company insiders own 3.54% of the company’s stock.

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.