Beese Fulmer Investment Management Inc. Has $15.08 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Beese Fulmer Investment Management Inc. lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 304.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 136,453 shares of the technology company’s stock after acquiring an additional 102,707 shares during the quarter. Arista Networks makes up 1.3% of Beese Fulmer Investment Management Inc.’s investment portfolio, making the stock its 23rd biggest holding. Beese Fulmer Investment Management Inc.’s holdings in Arista Networks were worth $15,082,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Swedbank AB grew its position in shares of Arista Networks by 293.2% in the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after buying an additional 5,034,022 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Arista Networks by 307.7% in the fourth quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock worth $512,056,000 after acquiring an additional 3,496,497 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Arista Networks by 306.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,433,425 shares of the technology company’s stock valued at $268,966,000 after acquiring an additional 1,835,421 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in Arista Networks by 473.2% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,326,274 shares of the technology company’s stock valued at $146,593,000 after purchasing an additional 1,094,910 shares during the period. Finally, International Assets Investment Management LLC lifted its position in shares of Arista Networks by 39,841.1% in the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock worth $3,358,850,000 after purchasing an additional 872,919 shares during the period. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Down 0.3 %

Shares of NYSE:ANET opened at $115.11 on Friday. The stock has a market cap of $145.01 billion, a price-to-earnings ratio of 55.34, a PEG ratio of 3.10 and a beta of 1.09. The business’s 50 day moving average is $112.58 and its 200 day moving average is $99.48. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.57.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the business posted $0.41 EPS. The business’s revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts expect that Arista Networks, Inc. will post 1.97 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 71,036 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $100.06, for a total value of $7,107,506.98. Following the transaction, the chief executive officer now directly owns 70,724 shares of the company’s stock, valued at approximately $7,076,289.82. The trade was a 50.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $112.02, for a total transaction of $896,160.00. Following the sale, the director now owns 155,784 shares of the company’s stock, valued at $17,450,923.68. This trade represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 255,832 shares of company stock worth $28,538,497. 3.54% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on ANET. Piper Sandler reiterated a “neutral” rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Rosenblatt Securities raised their target price on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research note on Friday, November 8th. UBS Group boosted their price target on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company boosted their target price on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $105.83.

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.