Bigelow Investment Advisors LLC Takes Position in Arista Networks, Inc. $ANET

Bigelow Investment Advisors LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the third quarter, Holdings Channel.com reports. The fund purchased 8,864 shares of the technology company’s stock, valued at approximately $1,292,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SteelPeak Wealth LLC grew its position in shares of Arista Networks by 23.8% during the 2nd quarter. SteelPeak Wealth LLC now owns 40,404 shares of the technology company’s stock valued at $4,134,000 after purchasing an additional 7,779 shares in the last quarter. Penobscot Investment Management Company Inc. boosted its stake in Arista Networks by 7.8% during the second quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock valued at $3,998,000 after buying an additional 2,815 shares during the period. Vanguard Group Inc. grew 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 worth $10,127,984,000 after buying an additional 1,136,167 shares in the last quarter. Holocene Advisors LP bought a new position in Arista Networks in the 2nd quarter worth about $247,451,000. Finally, Soltis Investment Advisors LLC raised its holdings in shares of Arista Networks by 99.3% in the 2nd quarter. Soltis Investment Advisors LLC now owns 40,428 shares of the technology company’s stock valued at $4,136,000 after acquiring an additional 20,141 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $133.63 on Monday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The company has a fifty day moving average of $133.33 and a 200-day moving average of $130.84. The stock has a market capitalization of $168.27 billion, a price-to-earnings ratio of 50.81, a price-to-earnings-growth ratio of 2.25 and a beta of 1.41.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, topping 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 company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter last year, the company earned $2.40 EPS. The firm’s revenue was up 27.5% compared to the same quarter last year. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value of $2,994,431.10. Following the transaction, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. The trade was a 70.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $157.12, for a total value of $1,256,960.00. Following the completion of the sale, the director owned 33,784 shares of the company’s stock, valued at $5,308,142.08. The trade was a 19.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 208,464 shares of company stock worth $27,418,668 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

ANET has been the subject of several recent analyst reports. Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Barclays reissued an “overweight” rating and issued a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Evercore ISI lifted their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Finally, JPMorgan Chase & Co. increased their target price on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $164.44.

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.