Smartleaf Asset Management LLC Boosts Holdings in Arista Networks, Inc. $ANET

Smartleaf Asset Management LLC grew its position in shares of Arista Networks, Inc. (NYSE:ANET) by 46.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,544 shares of the technology company’s stock after buying an additional 4,310 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Arista Networks were worth $1,942,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. a16z Perennial Management L.P. acquired a new position in shares of Arista Networks during the third quarter worth about $465,000. Canada Post Corp Registered Pension Plan lifted its position in Arista Networks by 54.8% in the third quarter. Canada Post Corp Registered Pension Plan now owns 26,420 shares of the technology company’s stock valued at $3,788,000 after purchasing an additional 9,350 shares during the period. Renasant Bank purchased a new stake in Arista Networks in the 3rd quarter valued at approximately $233,000. Axim Planning & Wealth acquired a new position in Arista Networks during the 3rd quarter worth approximately $627,000. Finally, Wellington Shields Capital Management LLC acquired a new position in Arista Networks during the 3rd quarter worth approximately $222,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Barclays reissued an “overweight” rating and issued a $183.00 target price (up previously from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. UBS Group reaffirmed a “buy” rating and set a $155.00 price target on shares of Arista Networks in a research note on Wednesday, December 3rd. Morgan Stanley reduced their price objective on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Finally, Piper Sandler upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $145.00 to $159.00 in a research report on Monday, January 5th. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $164.44.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total value of $1,123,440.00. Following the sale, the director directly owned 9,784 shares in the company, valued at $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kenneth Duda sold 26,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $128.43, for a total value of $3,339,180.00. Following the transaction, the insider owned 522,400 shares of the company’s stock, valued at $67,091,832. This represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 216,464 shares of company stock worth $27,553,548 over the last ninety days. 3.54% of the stock is currently owned by company insiders.

Arista Networks Trading Up 6.9%

Shares of NYSE ANET opened at $137.50 on Monday. The company’s 50-day moving average price is $131.78 and its 200 day moving average price is $136.28. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The stock has a market cap of $173.15 billion, a price-to-earnings ratio of 52.28, a PEG ratio of 2.32 and a beta of 1.42.

Arista Networks Company 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.