SP Asset Management LLC Buys 5,964 Shares of Arista Networks, Inc. (NYSE:ANET)

SP Asset Management LLC lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 300.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,952 shares of the technology company’s stock after acquiring an additional 5,964 shares during the quarter. SP Asset Management LLC’s holdings in Arista Networks were worth $879,000 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 the company. Janney Montgomery Scott LLC lifted its position in shares of Arista Networks by 8.7% in the third quarter. Janney Montgomery Scott LLC now owns 46,090 shares of the technology company’s stock valued at $17,690,000 after acquiring an additional 3,706 shares in the last quarter. Catalyst Capital Advisors LLC boosted its stake in Arista Networks by 57.1% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 2,160 shares of the technology company’s stock worth $829,000 after purchasing an additional 785 shares during the period. Moloney Securities Asset Management LLC purchased a new stake in Arista Networks during the 3rd quarter valued at approximately $438,000. United Advisor Group LLC purchased a new position in shares of Arista Networks in the third quarter worth $501,000. Finally, Beacon Financial Advisory LLC boosted its position in shares of Arista Networks by 4.9% during the third quarter. Beacon Financial Advisory LLC now owns 640 shares of the technology company’s stock worth $246,000 after acquiring an additional 30 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 288 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $108.29, for a total value of $8,663,200.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 491,289 shares of company stock worth $51,018,617 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 2.7 %

Shares of ANET stock opened at $87.83 on Thursday. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.57. The company has a market cap of $110.76 billion, a PE ratio of 39.56, a PEG ratio of 3.10 and a beta of 1.09. The business’s fifty day simple moving average is $110.13 and its 200-day simple moving average is $102.14.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ANET. Evercore ISI boosted their price target on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Wells Fargo & Company increased their price objective on shares of Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Morgan Stanley increased their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Needham & Company LLC restated a “buy” rating and set a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. Finally, UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their price target for the stock from $112.00 to $115.00 in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks 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.