Stonegate Investment Group LLC Has $1.43 Million Holdings in Arista Networks, Inc. $ANET

Stonegate Investment Group LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 280.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,778 shares of the technology company’s stock after purchasing an additional 7,206 shares during the quarter. Stonegate Investment Group LLC’s holdings in Arista Networks were worth $1,425,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Bare Financial Services Inc boosted its stake in Arista Networks by 2,118.2% during the 2nd 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 during the last quarter. AdvisorNet Financial Inc lifted its holdings in shares of Arista Networks by 56.7% in the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares in the last quarter. Richardson Financial Services Inc. boosted its position in shares of Arista Networks by 141.3% during the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock valued at $32,000 after buying an additional 130 shares during the last quarter. REAP Financial Group LLC grew its holdings in Arista Networks by 108.0% during the second quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock worth $34,000 after buying an additional 175 shares in the last quarter. Finally, SJS Investment Consulting Inc. lifted its stake in Arista Networks by 979.2% during the 3rd quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after acquiring an additional 235 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ANET has been the subject of several analyst reports. UBS Group reiterated a “buy” rating and issued a $155.00 price objective on shares of Arista Networks in a research note on Wednesday, December 3rd. Piper Sandler upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Zacks Research downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Erste Group Bank cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $164.44.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total value of $1,070,320.00. Following the transaction, the director directly owned 17,784 shares of the company’s stock, valued at $2,379,321.36. The trade was a 31.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 422 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $117.15, for a total transaction of $49,437.30. Following the completion of the transaction, the director owned 8,980 shares in the company, valued at $1,052,007. The trade was a 4.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 216,464 shares of company stock valued at $27,687,068. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $146.84 on Wednesday. The firm has a market capitalization of $184.91 billion, a PE ratio of 55.83, a price-to-earnings-growth ratio of 2.42 and a beta of 1.41. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The firm has a fifty day moving average of $129.42 and a 200 day moving average of $134.65.

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

About Arista Networks

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.