Arista Networks, Inc. (NYSE:ANET) Stake Increased by Covenant Asset Management LLC

Covenant Asset Management LLC lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 334.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 100,613 shares of the technology company’s stock after acquiring an additional 77,476 shares during the period. Arista Networks makes up 1.7% of Covenant Asset Management LLC’s investment portfolio, making the stock its 7th biggest position. Covenant Asset Management LLC’s holdings in Arista Networks were worth $11,121,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. Caitlin John LLC grew its holdings in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after purchasing an additional 152 shares during the last quarter. Cranbrook Wealth Management LLC grew its stake in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares during the last quarter. Trust Co. of Vermont lifted its stake in shares of Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares during the last quarter. New Millennium Group LLC boosted its holdings in Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 195 shares during the period. Finally, Westside Investment Management Inc. grew its position in Arista Networks by 1,012.0% during the 4th quarter. Westside Investment Management Inc. now owns 278 shares of the technology company’s stock worth $31,000 after acquiring an additional 253 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ANET shares. Piper Sandler reissued a “neutral” rating and set a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Barclays cut their price target on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a report on Wednesday, December 4th. UBS Group upped their price objective on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. The Goldman Sachs Group raised their target price on Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company upped their price target on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $107.59.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $106.64 on Friday. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.57. The company has a 50-day moving average of $113.97 and a 200 day moving average of $100.72. The firm has a market cap of $134.35 billion, a price-to-earnings ratio of 51.27, a PEG ratio of 3.10 and a beta of 1.09.

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. This represents a 86.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 6,340 shares of Arista Networks stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $98.58, for a total transaction of $625,013.05. Following the completion of the transaction, the insider now directly owns 288 shares of the company’s stock, valued at $28,391.76. This trade represents a 95.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 335,832 shares of company stock valued at $37,787,297. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Company Profile

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.