Paragon Private Wealth Management LLC Takes $291,000 Position in Arista Networks, Inc. (NYSE:ANET)

Paragon Private Wealth Management LLC acquired a new stake in Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 2,637 shares of the technology company’s stock, valued at approximately $291,000.

A number of other institutional investors also recently made changes to their positions in the business. Daiwa Securities Group Inc. boosted its stake in shares of Arista Networks by 317.0% in 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 in the last quarter. Main Street Research LLC purchased a new stake in shares of Arista Networks in the 4th quarter valued at $31,583,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position 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 buying an additional 273,853 shares during the period. Simplicity Wealth LLC boosted its position 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 buying an additional 2,254 shares during the period. Finally, Bell Investment Advisors Inc boosted its position in Arista Networks by 284.7% during the 4th quarter. Bell Investment Advisors Inc now owns 527 shares of the technology company’s stock valued at $58,000 after buying an additional 390 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,537,266.72. This represents a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,488 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the transaction, the director now owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. The trade was a 15.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock valued at $49,112,111 over the last three months. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

NYSE:ANET opened at $77.53 on Tuesday. The firm has a market cap of $97.77 billion, a P/E ratio of 34.92, a P/E/G ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58. The firm has a 50-day simple moving average of $108.24 and a two-hundred day simple moving average of $102.10.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Piper Sandler reissued a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Rosenblatt Securities reaffirmed a “sell” rating and issued a $80.00 target price on shares of Arista Networks in a research report on Tuesday, February 18th. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. Finally, Evercore ISI raised their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.