Bleakley Financial Group LLC Buys 18,335 Shares of Arista Networks, Inc. (NYSE:ANET)

Bleakley Financial Group LLC boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 285.3% during the fourth quarter, Holdings Channel reports. The firm owned 24,761 shares of the technology company’s stock after purchasing an additional 18,335 shares during the quarter. Bleakley Financial Group LLC’s holdings in Arista Networks were worth $2,737,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ANET. Zions Bancorporation N.A. raised its position in Arista Networks by 6.9% in the third quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock worth $160,000 after acquiring an additional 27 shares during the period. Intellectus Partners LLC raised its position in Arista Networks by 1.4% in the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock worth $740,000 after acquiring an additional 27 shares during the period. First Affirmative Financial Network raised its position in Arista Networks by 4.3% in the third quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock worth $262,000 after acquiring an additional 28 shares during the period. Altman Advisors Inc. raised its position in Arista Networks by 0.5% in the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after acquiring an additional 28 shares during the period. Finally, HM Payson & Co. raised its position in Arista Networks by 28.2% in the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock worth $51,000 after acquiring an additional 29 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the completion of the sale, the director now owns 155,784 shares in the company, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 71,036 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $100.06, for a total transaction of $7,107,506.98. Following the completion of the sale, the chief executive officer now owns 70,724 shares of the company’s stock, valued at $7,076,289.82. This trade represents a 50.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 255,832 shares of company stock valued at $28,538,497 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on ANET. UBS Group increased their price target on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Piper Sandler reissued a “neutral” rating and issued a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Evercore ISI increased their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Rosenblatt Securities increased their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research note on Friday, November 8th. Finally, StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $105.83.

Arista Networks Stock Performance

ANET opened at $115.11 on Friday. The stock has a market capitalization of $145.01 billion, a price-to-earnings ratio of 55.34, a PEG ratio of 3.10 and a beta of 1.09. The company has a fifty day moving average of $112.58 and a 200 day moving average of $99.48. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the company posted $0.41 EPS. The business’s revenue was up 20.0% on a year-over-year basis. On average, equities research analysts forecast that Arista Networks, Inc. will post 1.97 earnings per share 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.