Carnegie Investment Counsel Acquires 4,227 Shares of Arista Networks, Inc. $ANET

Carnegie Investment Counsel lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 2.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 172,419 shares of the technology company’s stock after purchasing an additional 4,227 shares during the period. Carnegie Investment Counsel’s holdings in Arista Networks were worth $25,123,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ANET. Brighton Jones LLC boosted its position in Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after buying an additional 5,955 shares during the period. Revolve Wealth Partners LLC bought a new stake in shares of Arista Networks during the fourth quarter valued at approximately $202,000. Bison Wealth LLC purchased a new stake in shares of Arista Networks in the fourth quarter valued at approximately $251,000. Gamco Investors INC. ET AL boosted its holdings in shares of Arista Networks by 70.9% in the first quarter. Gamco Investors INC. ET AL now owns 3,193 shares of the technology company’s stock valued at $247,000 after purchasing an additional 1,325 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new position in Arista Networks in the first quarter worth approximately $94,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Activity

In other Arista Networks 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 transaction, the director directly owned 8,980 shares of the company’s stock, valued at approximately $1,052,007. The trade was a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kenneth Duda sold 26,000 shares of the company’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total value of $3,202,160.00. Following the transaction, the insider directly owned 532,400 shares in the company, valued at approximately $65,570,384. The trade was a 4.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 216,464 shares of company stock valued at $28,598,588 in the last ninety days. 3.39% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of research analyst reports. Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Needham & Company LLC lifted their price objective on Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. Wells Fargo & Company increased their target price on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Melius Research raised their target price on shares of Arista Networks from $160.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, Morgan Stanley reduced their price target on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. Seventeen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $163.56.

Arista Networks Price Performance

ANET opened at $131.92 on Friday. The firm has a market capitalization of $166.13 billion, a PE ratio of 50.16, a price-to-earnings-growth ratio of 2.50 and a beta of 1.41. The business’s 50-day moving average is $135.01 and its two-hundred day moving average is $128.94. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94.

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

Arista Networks Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.