Patton Fund Management Inc. Buys 17,032 Shares of Arista Networks, Inc. $ANET

Patton Fund Management Inc. grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 602.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,858 shares of the technology company’s stock after buying an additional 17,032 shares during the quarter. Patton Fund Management Inc.’s holdings in Arista Networks were worth $2,894,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bare Financial Services Inc raised its position in Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after purchasing an additional 233 shares in the last quarter. AdvisorNet Financial Inc boosted its holdings in shares of Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after purchasing an additional 72 shares in the last quarter. Saudi Central Bank bought a new position in shares of Arista Networks during the 1st quarter valued at about $33,000. REAP Financial Group LLC raised its holdings in shares of Arista Networks by 108.0% during the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after buying an additional 175 shares in the last quarter. Finally, eCIO Inc. bought a new stake in Arista Networks in the 1st quarter worth approximately $36,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings lowered shares of Arista Networks from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, December 15th. Piper Sandler reiterated a “neutral” rating and issued a $145.00 target price (up previously from $143.00) on shares of Arista Networks in a research report on Wednesday, November 5th. UBS Group reissued a “buy” rating and issued a $155.00 price target on shares of Arista Networks in a research note on Wednesday, December 3rd. Barclays reaffirmed an “overweight” rating and set a $183.00 price objective (up from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Finally, BNP Paribas Exane upgraded Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective on the stock in a report on Thursday, September 25th. Seventeen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $163.56.

Arista Networks Stock Down 0.5%

Shares of ANET opened at $130.50 on Tuesday. The stock has a market capitalization of $164.33 billion, a P/E ratio of 49.62, a PEG ratio of 2.51 and a beta of 1.41. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94. The firm has a fifty day simple moving average of $135.92 and a two-hundred day simple moving average of $128.43.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same period in the prior year, the business posted $2.40 earnings per share. Arista Networks’s revenue for the quarter was up 27.5% on a year-over-year basis. Sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $128.09, for a total value of $1,024,720.00. Following the sale, the director directly owned 25,784 shares of the company’s stock, valued at $3,302,672.56. This represents a 23.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value of $2,994,431.10. Following the completion of the transaction, the chief executive officer owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. This trade represents a 70.80% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 216,464 shares of company stock valued at $28,598,588. Insiders own 3.54% of the company’s stock.

Arista Networks Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.