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

Private Advisor Group LLC boosted its position in Arista Networks, Inc. (NYSE:ANET) by 231.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,261 shares of the technology company’s stock after purchasing 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 reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alberta Investment Management Corp acquired a new position in shares of Arista Networks during the 4th quarter worth approximately $30,627,000. Strata Wealth Advisors LLC boosted its stake in shares of Arista Networks by 299.7% in the fourth quarter. Strata Wealth Advisors LLC now owns 38,267 shares of the technology company’s stock valued at $4,230,000 after buying an additional 28,692 shares during the period. TKG Advisors LLC bought a new stake in shares of Arista Networks in the fourth quarter valued at approximately $280,000. Laidlaw Wealth Management LLC acquired a new stake in Arista Networks during the fourth quarter worth approximately $201,000. Finally, Lyell Wealth Management LP bought a new position in Arista Networks during the 4th quarter worth $225,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the transaction, the director now owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the 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 in the company, valued at approximately $1,405,171.04. This 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 valued at $30,225,623 in the last ninety days. 3.54% of the stock is owned by company insiders.

Arista Networks Price Performance

Arista Networks stock opened at $98.31 on Friday. The firm has a market cap of $123.97 billion, a P/E ratio of 44.28, a P/E/G ratio of 3.27 and a beta of 1.09. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57. The stock’s 50 day moving average is $113.66 and its 200 day moving average is $101.70.

Arista Networks (NYSE:ANET) last announced 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. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Equities analysts anticipate that Arista Networks, Inc. will post 2.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. Citigroup upped their target price on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley upped their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Barclays increased their price objective on shares of Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday. Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a report on Wednesday. Finally, Wells Fargo & Company boosted their price target on Arista Networks from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday. 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. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $113.79.

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.