Concorde Asset Management LLC Buys Shares of 6,041 Arista Networks, Inc. (NYSE:ANET)

Concorde Asset Management LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,041 shares of the technology company’s stock, valued at approximately $668,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Morse Asset Management Inc bought a new position in shares of Arista Networks during the third quarter valued at $123,000. Continuum Advisory LLC increased 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 purchasing an additional 290 shares during the period. Coldstream Capital Management Inc. raised its position in 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 during the last quarter. Toronto Dominion Bank lifted its holdings in 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 buying an additional 1,355 shares during the period. Finally, Sunbelt Securities Inc. grew its position 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 buying an additional 454 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This represents a 5.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the firm’s 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 transaction, the chief executive officer now owns 92,641 shares in the company, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 411,031 shares of company stock worth $39,364,943 in the last quarter. Insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the subject of a number of analyst reports. StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Piper Sandler lowered their price target on shares of Arista Networks from $108.00 to $76.00 and set a “neutral” rating for the company in a report on Tuesday. Citigroup upped their price objective 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. Barclays reissued an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $108.50.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $72.53 on Friday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a 50 day moving average price of $89.54 and a two-hundred day moving average price of $100.29. The stock has a market capitalization of $91.47 billion, a PE ratio of 32.67, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results 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 business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

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.