Worth Asset Management LLC Invests $1.47 Million in Arista Networks, Inc. $ANET

Worth Asset Management LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,113 shares of the technology company’s stock, valued at approximately $1,474,000.

Several other institutional investors also recently modified their holdings of ANET. SteelPeak Wealth LLC raised its holdings in 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 acquiring an additional 7,779 shares during the period. Penobscot Investment Management Company Inc. boosted its position in shares of Arista Networks by 7.8% in 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 acquiring an additional 2,815 shares during the period. Vanguard Group Inc. lifted its stake in Arista Networks by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after purchasing an additional 1,136,167 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Arista Networks in the second quarter worth $247,451,000. Finally, Soltis Investment Advisors LLC grew its position in Arista Networks by 99.3% during the second quarter. Soltis Investment Advisors LLC now owns 40,428 shares of the technology company’s stock worth $4,136,000 after buying an additional 20,141 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price target for the company in a research note on Thursday, September 25th. Citigroup boosted their price objective on shares of Arista Networks from $136.00 to $176.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Evercore ISI raised their price objective on Arista Networks from $150.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. William Blair restated an “outperform” rating on shares of Arista Networks in a research report on Friday, September 12th. Finally, UBS Group reiterated a “buy” rating and set a $155.00 price target on shares of Arista Networks in a report on Wednesday, December 3rd. Seventeen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $163.56.

Arista Networks Trading Up 0.9%

Shares of ANET stock opened at $131.92 on Friday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94. The stock has a market cap of $166.13 billion, a PE ratio of 50.16, a price-to-earnings-growth ratio of 2.52 and a beta of 1.41. The company’s fifty day moving average price is $135.01 and its 200-day moving average price is $129.19.

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

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $128.09, for a total transaction of $1,024,720.00. Following the completion of the transaction, the director directly owned 25,784 shares of the company’s stock, valued at $3,302,672.56. The trade was a 23.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 422 shares of the 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 in the company, valued at $1,052,007. The trade was a 4.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 216,464 shares of company stock worth $28,598,588 over the last three months. 3.39% of the stock is currently owned by insiders.

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.