Pittenger & Anderson Inc. Raises Stock Position in Arista Networks, Inc. (NYSE:ANET)

Pittenger & Anderson Inc. grew its position in shares of Arista Networks, Inc. (NYSE:ANET) by 35.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,395 shares of the technology company’s stock after buying an additional 2,205 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Arista Networks were worth $1,977,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Sycomore Asset Management bought a new stake in shares of Arista Networks in the 4th quarter worth about $2,377,000. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of Arista Networks by 7.8% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,762 shares of the technology company’s stock worth $1,593,000 after buying an additional 487 shares during the last quarter. Bfsg LLC acquired a new position in Arista Networks in the 4th quarter worth approximately $886,000. Mizuho Securities Co. Ltd. lifted its holdings in shares of Arista Networks by 204.5% in the 4th quarter. Mizuho Securities Co. Ltd. now owns 670 shares of the technology company’s stock valued at $158,000 after buying an additional 450 shares during the period. Finally, Cumberland Partners Ltd grew its position in Arista Networks by 9.1% during the fourth quarter. Cumberland Partners Ltd now owns 3,000 shares of the technology company’s stock valued at $707,000 after buying an additional 250 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 22,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $303.00, for a total value of $6,666,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,665,300 shares of the company’s stock, valued at approximately $504,585,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $284.31, for a total value of $5,686,200.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $922,301.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 22,000 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $303.00, for a total value of $6,666,000.00. Following the transaction, the chief executive officer now directly owns 1,665,300 shares of the company’s stock, valued at $504,585,900. The disclosure for this sale can be found here. Insiders have sold 333,494 shares of company stock worth $95,632,321 over the last 90 days. 18.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ANET has been the subject of a number of recent research reports. Melius upgraded shares of Arista Networks from a “hold” rating to a “buy” rating in a research report on Monday, January 8th. Piper Sandler upped their price target on Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 13th. The Goldman Sachs Group upped their target price on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. upped their price target on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Arista Networks in a report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $275.59.

Arista Networks Stock Up 3.9 %

Arista Networks stock traded up $9.99 during mid-day trading on Thursday, hitting $264.76. 3,534,376 shares of the company’s stock were exchanged, compared to its average volume of 2,482,536. Arista Networks, Inc. has a fifty-two week low of $131.68 and a fifty-two week high of $307.74. The company’s 50 day simple moving average is $279.08 and its 200-day simple moving average is $246.25. The firm has a market capitalization of $82.77 billion, a P/E ratio of 38.78, a PEG ratio of 2.15 and a beta of 1.09.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The firm’s quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.25 EPS. Research analysts expect that Arista Networks, Inc. will post 6.7 EPS for the current year.

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.