Concentrum Wealth Management Boosts Stake in Arista Networks, Inc. (NYSE:ANET)

Concentrum Wealth Management boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 302.1% in the 4th quarter, Holdings Channel reports. The fund owned 10,752 shares of the technology company’s stock after acquiring an additional 8,078 shares during the quarter. Concentrum Wealth Management’s holdings in Arista Networks were worth $1,188,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after buying an additional 72,311,318 shares in the last quarter. FMR LLC increased its stake in shares of Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after acquiring an additional 44,269,572 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares during the period. Finally, Norges Bank acquired a new stake in Arista Networks during the fourth quarter worth about $1,397,833,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the sale, the chief executive officer now owns 92,641 shares in the company, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total value of $9,248,800.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,500,155.36. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 411,001 shares of company stock valued at $39,362,831. 3.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Morgan Stanley lifted their target price on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Piper Sandler reaffirmed a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Finally, UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. One 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 company’s stock. According to data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Trading Down 9.8 %

Arista Networks stock opened at $64.28 on Monday. The company has a fifty day simple moving average of $94.01 and a 200-day simple moving average of $101.37. The stock has a market cap of $81.07 billion, a P/E ratio of 28.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 12-month low of $57.80 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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.