Spire Wealth Management Buys 5,475 Shares of Arista Networks, Inc. (NYSE:ANET)

Spire Wealth Management lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 18.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 35,921 shares of the technology company’s stock after acquiring an additional 5,475 shares during the quarter. Spire Wealth Management’s holdings in Arista Networks were worth $8,460,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ANET. Cambridge Investment Research Advisors Inc. grew its position in Arista Networks by 25.6% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 41,569 shares of the technology company’s stock worth $7,646,000 after acquiring an additional 8,478 shares during the last quarter. Pinnacle Associates Ltd. purchased a new position in shares of Arista Networks in the third quarter worth $208,000. Raymond James & Associates raised its holdings in Arista Networks by 0.3% during the 3rd quarter. Raymond James & Associates now owns 158,390 shares of the technology company’s stock valued at $29,133,000 after buying an additional 397 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Arista Networks by 16.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 21,642 shares of the technology company’s stock worth $3,981,000 after acquiring an additional 3,005 shares during the last quarter. Finally, Stratos Wealth Advisors LLC increased its position in shares of Arista Networks by 7.6% in the third quarter. Stratos Wealth Advisors LLC now owns 1,607 shares of the technology company’s stock valued at $296,000 after acquiring an additional 114 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Down 1.6 %

NYSE:ANET traded down $4.53 during trading hours on Tuesday, reaching $274.29. 386,894 shares of the company traded hands, compared to its average volume of 2,425,629. Arista Networks, Inc. has a 1 year low of $133.42 and a 1 year high of $307.74. The stock has a market capitalization of $85.75 billion, a P/E ratio of 42.44, a P/E/G ratio of 2.33 and a beta of 1.13. The business’s 50-day moving average price is $279.18 and its two-hundred day moving average price is $250.63.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.38. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. Arista Networks’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.25 EPS. As a group, equities analysts anticipate that Arista Networks, Inc. will post 6.74 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total value of $388,155.00. Following the completion of the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $4,575,312.37. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider John F. Mccool sold 416 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $300.96, for a total transaction of $125,199.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total transaction of $388,155.00. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at $4,575,312.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 337,474 shares of company stock valued at $96,640,840. Company insiders own 3.54% of the company’s stock.

Analyst Upgrades and Downgrades

ANET has been the topic of several recent analyst reports. Evercore ISI reissued an “outperform” rating and issued a $300.00 target price on shares of Arista Networks in a research note on Wednesday, March 27th. JPMorgan Chase & Co. upped their target price on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Barclays lifted their price target on shares of Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Piper Sandler upped their price objective on shares of Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $285.53.

About Arista Networks

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.