Private Advisor Group LLC Buys 34,393 Shares of Arista Networks, Inc. (NYSE:ANET)

Private Advisor Group LLC grew its stake in Arista Networks, Inc. (NYSE:ANET) by 231.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,261 shares of the technology company’s stock after acquiring an additional 34,393 shares during the quarter. Private Advisor Group LLC’s holdings in Arista Networks were worth $5,445,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Swedbank AB lifted its holdings 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 acquiring an additional 5,034,022 shares in the last quarter. WCM Investment Management LLC increased its holdings in shares of Arista Networks by 292.8% in the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after acquiring an additional 4,512,166 shares in the last quarter. DSM Capital Partners LLC raised its position in shares of Arista Networks by 259.7% during the fourth quarter. DSM Capital Partners LLC now owns 5,188,878 shares of the technology company’s stock worth $573,527,000 after purchasing an additional 3,746,407 shares during the period. Jennison Associates LLC lifted its holdings in shares of Arista Networks by 307.7% during the 4th quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock valued at $512,056,000 after purchasing an additional 3,496,497 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Arista Networks by 306.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,433,425 shares of the technology company’s stock valued at $268,966,000 after purchasing an additional 1,835,421 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ANET has been the topic of several research analyst reports. Piper Sandler restated a “neutral” rating and set a $108.00 target price (up from $106.00) on shares of Arista Networks in a report on Wednesday. The Goldman Sachs Group raised their price objective on shares of Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a research report on Wednesday. Citigroup increased their target price on Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, UBS Group boosted their price target on Arista Networks from $106.00 to $112.00 and gave the company a “neutral” rating in a report on Wednesday. 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. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $113.79.

Arista Networks Stock Down 4.9 %

NYSE:ANET opened at $98.31 on Friday. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $133.57. The firm has a market capitalization of $123.97 billion, a price-to-earnings ratio of 44.28, a price-to-earnings-growth ratio of 3.27 and a beta of 1.09. The stock’s 50 day moving average price is $113.66 and its two-hundred day moving average price is $101.70.

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 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 business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. As a group, analysts anticipate that Arista Networks, Inc. will post 2.19 earnings per share for the current year.

Insider Transactions at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 288 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on 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 transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 260,056 shares of company stock worth $30,225,623 in the last ninety days. Insiders own 3.54% of the company’s stock.

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.