Independent Advisor Alliance Acquires 81,369 Shares of Arista Networks, Inc. (NYSE:ANET)

Independent Advisor Alliance lifted its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 294.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 108,957 shares of the technology company’s stock after acquiring an additional 81,369 shares during the period. Independent Advisor Alliance’s holdings in Arista Networks were worth $12,043,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Paragon Private Wealth Management LLC bought a new position in shares of Arista Networks during the 4th quarter worth about $291,000. Daiwa Securities Group Inc. lifted its holdings in Arista Networks by 317.0% during the 4th quarter. Daiwa Securities Group Inc. now owns 205,984 shares of the technology company’s stock valued at $22,767,000 after purchasing an additional 156,592 shares during the last quarter. Main Street Research LLC bought a new position in Arista Networks during the 4th quarter valued at about $31,583,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Arista Networks by 457.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 333,702 shares of the technology company’s stock valued at $36,884,000 after purchasing an additional 273,853 shares during the last quarter. Finally, Simplicity Wealth LLC lifted its holdings in Arista Networks by 368.9% during the 4th quarter. Simplicity Wealth LLC now owns 2,865 shares of the technology company’s stock valued at $317,000 after purchasing an additional 2,254 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $77.53 on Tuesday. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.58. The company has a 50 day moving average of $108.24 and a 200-day moving average of $102.10. The stock has a market cap of $97.77 billion, a price-to-earnings ratio of 34.92, a P/E/G ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 491,001 shares of company stock worth $49,112,111. 3.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ANET shares. Barclays reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Morgan Stanley lifted their price target on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Needham & Company LLC reissued a “buy” rating and set a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. Finally, StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $114.00.

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.