1832 Asset Management L.P. Acquires 6,272 Shares of Arista Networks, Inc. $ANET

1832 Asset Management L.P. boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 0.9% during the second quarter, Holdings Channel.com reports. The fund owned 704,772 shares of the technology company’s stock after buying an additional 6,272 shares during the quarter. 1832 Asset Management L.P.’s holdings in Arista Networks were worth $72,105,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of ANET. Penobscot Investment Management Company Inc. grew its position in Arista Networks by 7.8% in the second quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock worth $3,998,000 after acquiring an additional 2,815 shares in the last quarter. Vanguard Group Inc. raised its position in Arista Networks by 1.2% during the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after purchasing an additional 1,136,167 shares in the last quarter. Soltis Investment Advisors LLC lifted its stake in Arista Networks by 99.3% during the second quarter. Soltis Investment Advisors LLC now owns 40,428 shares of the technology company’s stock worth $4,136,000 after purchasing an additional 20,141 shares during the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of Arista Networks in the 2nd quarter worth about $212,000. Finally, OMNI 360 Wealth Inc. increased its position in shares of Arista Networks by 71.5% during the 2nd quarter. OMNI 360 Wealth Inc. now owns 4,804 shares of the technology company’s stock valued at $491,000 after purchasing an additional 2,003 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kelly Bodnar Battles sold 422 shares of Arista Networks stock in a transaction on Friday, November 21st. The shares were sold at an average price of $117.15, for a total value of $49,437.30. Following the sale, the director owned 8,980 shares in the company, valued at $1,052,007. The trade was a 4.49% decrease in their ownership of the stock. 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 the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $128.09, for a total transaction of $1,024,720.00. Following the completion of the transaction, the director owned 25,784 shares of the company’s stock, valued at $3,302,672.56. This trade represents a 23.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 2,017,464 shares of company stock worth $294,799,432. Insiders own 3.39% of the company’s stock.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $127.87 on Thursday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94. The company has a market cap of $161.02 billion, a PE ratio of 48.62, a P/E/G ratio of 2.46 and a beta of 1.41. The stock’s 50-day moving average is $141.08 and its 200 day moving average is $124.90.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business’s revenue was up 27.5% on a year-over-year basis. During the same quarter last year, the business posted $2.40 EPS. Analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Wells Fargo & Company boosted their target price on Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Piper Sandler restated a “neutral” rating and issued a $145.00 price objective (up from $143.00) on shares of Arista Networks in a report on Wednesday, November 5th. Morgan Stanley set a $171.00 price objective on shares of Arista Networks and gave the company an “overweight” rating in a research note on Friday, October 10th. Needham & Company LLC lifted their target price on shares of Arista Networks from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Eighteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $164.31.

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.