Avanza Fonder AB Has $13.10 Million Position in Arista Networks, Inc. $ANET

Avanza Fonder AB boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 7.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 100,011 shares of the technology company’s stock after acquiring an additional 6,895 shares during the period. Avanza Fonder AB’s holdings in Arista Networks were worth $13,104,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ANET. Bare Financial Services Inc grew its holdings in shares of Arista Networks by 2,118.2% during the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after purchasing an additional 233 shares in the last quarter. Board of the Pension Protection Fund bought a new position in shares of Arista Networks in the fourth quarter worth $26,000. AdvisorNet Financial Inc raised its stake in Arista Networks by 56.7% in the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares in the last quarter. Knuff & Co LLC acquired a new position in Arista Networks in the third quarter valued at about $29,000. Finally, Richardson Financial Services Inc. lifted its position in Arista Networks by 141.3% during the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after purchasing an additional 130 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and set a $165.00 price objective on shares of Arista Networks in a research note on Friday, February 13th. KeyCorp reaffirmed an “overweight” rating and set a $178.00 price target (up from $170.00) on shares of Arista Networks in a report on Friday, February 13th. Piper Sandler reiterated an “overweight” rating and set a $175.00 price target (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. The Goldman Sachs Group reissued a “buy” rating and issued a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Finally, UBS Group set a $200.00 price objective on shares of Arista Networks in a research report on Tuesday, February 24th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $176.47.

Insider Activity at Arista Networks

In related news, Director Yvonne Wassenaar sold 1,815 shares of Arista Networks stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total transaction of $240,378.60. Following the sale, the director directly owned 12,574 shares in the company, valued at $1,665,300.56. This trade represents a 12.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kenneth Duda sold 32,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $134.14, for a total transaction of $4,292,480.00. Following the sale, the insider directly owned 12,976 shares in the company, valued at $1,740,600.64. The trade was a 71.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 199,632 shares of company stock worth $26,936,324 in the last quarter. 3.54% of the stock is owned by insiders.

Arista Networks Stock Up 3.6%

Shares of ANET opened at $135.98 on Tuesday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94. The business has a 50-day simple moving average of $135.61 and a two-hundred day simple moving average of $137.24. The stock has a market cap of $170.87 billion, a PE ratio of 49.27, a PEG ratio of 2.32 and a beta of 1.46.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The business’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period last year, the firm posted $0.66 earnings per share. On average, equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

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.