Arista Networks, Inc. (NYSE:ANET) Stake Raised by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 285.8% during the 4th quarter, HoldingsChannel reports. The fund owned 10,065 shares of the technology company’s stock after purchasing an additional 7,456 shares during the period. Summit Investment Advisors Inc.’s holdings in Arista Networks were worth $1,112,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ANET. Morse Asset Management Inc purchased a new stake in Arista Networks in the 3rd quarter worth approximately $123,000. Virtu Financial LLC purchased a new stake in shares of Arista Networks during the third quarter worth $1,752,000. World Investment Advisors LLC acquired a new stake in Arista Networks during the third quarter valued at $401,000. Wilmington Savings Fund Society FSB purchased a new position in Arista Networks in the third quarter valued at about $2,222,000. Finally, Tidal Investments LLC increased its position in Arista Networks by 5.6% in the 3rd quarter. Tidal Investments LLC now owns 37,383 shares of the technology company’s stock worth $14,348,000 after purchasing an additional 1,998 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Down 1.1 %

ANET opened at $71.11 on Friday. The stock’s 50 day moving average price is $85.15 and its two-hundred day moving average price is $99.44. The firm has a market capitalization of $89.67 billion, a P/E ratio of 32.03, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) 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 analyst estimates of $1.90 billion. As a group, analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the transaction, the chief executive officer now owns 92,641 shares of the company’s stock, valued at $8,697,137.08. This represents a 59.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. The trade was a 5.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 411,031 shares of company stock valued at $39,364,943. Insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Piper Sandler reduced their price target on Arista Networks from $108.00 to $76.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. Morgan Stanley reduced their price objective on shares of Arista Networks from $118.00 to $73.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Barclays restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $106.07.

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.