Oppenheimer Asset Management Inc. Boosts Holdings in Arista Networks, Inc. (NYSE:ANET)

Oppenheimer Asset Management Inc. grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 517.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 135,134 shares of the technology company’s stock after acquiring an additional 113,243 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Arista Networks were worth $14,936,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. PFG Investments LLC purchased a new position in shares of Arista Networks in the 3rd quarter worth $314,000. abrdn plc raised its holdings in shares of Arista Networks by 4.8% in the 3rd quarter. abrdn plc now owns 113,146 shares of the technology company’s stock worth $43,197,000 after purchasing an additional 5,218 shares during the period. Strategic Blueprint LLC purchased a new position in shares of Arista Networks in the 3rd quarter worth about $266,000. Mutual Advisors LLC lifted its stake in shares of Arista Networks by 13.1% in the 3rd quarter. Mutual Advisors LLC now owns 5,154 shares of the technology company’s stock valued at $2,039,000 after purchasing an additional 595 shares in the last quarter. Finally, First Trust Direct Indexing L.P. grew its holdings in shares of Arista Networks by 4.6% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 6,766 shares of the technology company’s stock worth $2,597,000 after purchasing an additional 300 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total transaction of $825,300.00. Following the transaction, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. This trade represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,405,171.04. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 416,008 shares of company stock valued at $44,854,958. Insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on ANET shares. Barclays raised their price target on shares of Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Evercore ISI lifted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 17th. The Goldman Sachs Group upped their price target on shares of Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Rosenblatt Securities reissued a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a research report on Tuesday, February 18th. Finally, StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $113.79.

Arista Networks Stock Down 5.1 %

Shares of ANET opened at $91.50 on Friday. The firm has a market cap of $115.40 billion, a price-to-earnings ratio of 41.22, a PEG ratio of 3.10 and a beta of 1.09. The business’s 50 day moving average is $112.19 and its two-hundred day moving average is $102.02. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.57.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $1.93 billion for 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%. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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.