Arista Networks, Inc. (NYSE:ANET) Shares Bought by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 324.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,833 shares of the technology company’s stock after buying an additional 15,161 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Arista Networks were worth $2,192,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Caitlin John LLC increased its position in shares of Arista Networks by 174.7% in 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. Capital Advisors Ltd. LLC increased its position in shares of Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after purchasing an additional 191 shares during the last quarter. Cranbrook Wealth Management LLC increased its position in shares of Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Trust Co. of Vermont increased its position 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 purchasing an additional 198 shares during the last quarter. Finally, New Millennium Group LLC increased its position in shares of Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 195 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $80.11 on Friday. The stock has a market cap of $101.02 billion, a P/E ratio of 36.08, a P/E/G ratio of 3.10 and a beta of 1.08. The firm has a fifty day moving average price of $106.38 and a 200 day moving average price of $101.73. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58.

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

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,101,013.60. This trade represents a 86.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the sale, the director now owns 163,784 shares of the company’s stock, valued at $18,263,553.84. This trade represents a 4.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 491,001 shares of company stock worth $49,112,111. Company insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

ANET has been the topic of a number of recent analyst reports. Piper Sandler reissued a “neutral” rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Barclays reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and increased their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Citigroup increased their target price on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

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.