CIBC Asset Management Inc Acquires 124,835 Shares of Arista Networks, Inc. (NYSE:ANET)

CIBC Asset Management Inc lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 318.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 163,975 shares of the technology company’s stock after buying an additional 124,835 shares during the period. CIBC Asset Management Inc’s holdings in Arista Networks were worth $18,124,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ANET. Blue Trust Inc. lifted its stake in Arista Networks by 89.2% in the third quarter. Blue Trust Inc. now owns 2,638 shares of the technology company’s stock valued at $925,000 after acquiring an additional 1,244 shares during the last quarter. Capital Investment Advisors LLC raised its holdings in shares of Arista Networks by 25.0% in the 3rd quarter. Capital Investment Advisors LLC now owns 795 shares of the technology company’s stock valued at $305,000 after purchasing an additional 159 shares during the period. Raymond James & Associates lifted its stake in Arista Networks by 1.2% in the 3rd quarter. Raymond James & Associates now owns 214,204 shares of the technology company’s stock valued at $82,216,000 after purchasing an additional 2,566 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Arista Networks by 8.1% during the third quarter. Commonwealth Equity Services LLC now owns 130,138 shares of the technology company’s stock worth $49,949,000 after purchasing an additional 9,751 shares during the period. Finally, Resonant Capital Advisors LLC increased its position in Arista Networks by 9.9% during the third quarter. Resonant Capital Advisors LLC now owns 956 shares of the technology company’s stock worth $367,000 after buying an additional 86 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research analyst reports. Rosenblatt Securities lifted their target price on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research note on Friday, November 8th. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Morgan Stanley increased their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Barclays reduced their target price on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. Finally, Piper Sandler reissued a “neutral” rating and issued a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $107.59.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 71,036 shares of Arista Networks stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $100.06, for a total value of $7,107,506.98. Following the transaction, the chief executive officer now owns 70,724 shares in the company, valued at $7,076,289.82. The trade was a 50.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John F. Mccool sold 6,340 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $98.58, for a total value of $625,013.05. Following the transaction, the insider now directly owns 288 shares of the company’s stock, valued at approximately $28,391.76. The trade was a 95.65 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 335,832 shares of company stock worth $37,787,297. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Down 2.8 %

ANET stock opened at $106.64 on Tuesday. Arista Networks, Inc. has a 52 week low of $60.08 and a 52 week high of $133.57. The company has a market cap of $134.35 billion, a PE ratio of 51.27, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. The business has a 50-day simple moving average of $113.94 and a 200 day simple moving average of $101.16.

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.