Freemont Management S.A. Acquires 21,600 Shares of Arista Networks, Inc. (NYSE:ANET)

Freemont Management S.A. increased its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 300.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,800 shares of the technology company’s stock after purchasing an additional 21,600 shares during the quarter. Arista Networks accounts for 1.4% of Freemont Management S.A.’s holdings, making the stock its 25th biggest position. Freemont Management S.A.’s holdings in Arista Networks were worth $3,183,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. PDS Planning Inc grew its stake in shares of Arista Networks by 303.5% during the 4th quarter. PDS Planning Inc now owns 6,710 shares of the technology company’s stock worth $742,000 after acquiring an additional 5,047 shares in the last quarter. Petra Financial Advisors Inc. grew its stake in shares of Arista Networks by 297.8% during the 4th quarter. Petra Financial Advisors Inc. now owns 12,329 shares of the technology company’s stock worth $1,363,000 after acquiring an additional 9,230 shares in the last quarter. Primecap Management Co. CA grew its stake in shares of Arista Networks by 300.0% during the 4th quarter. Primecap Management Co. CA now owns 16,800 shares of the technology company’s stock worth $1,857,000 after acquiring an additional 12,600 shares in the last quarter. Axxcess Wealth Management LLC grew its stake in shares of Arista Networks by 320.4% during the 4th quarter. Axxcess Wealth Management LLC now owns 53,435 shares of the technology company’s stock worth $5,906,000 after acquiring an additional 40,725 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in shares of Arista Networks by 474.3% in the 4th quarter. William Blair Investment Management LLC now owns 235,813 shares of the technology company’s stock valued at $26,064,000 after buying an additional 194,750 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $118.47, for a total value of $9,477,600.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,537,266.72. This trade represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the transaction, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock worth $49,112,111 in the last 90 days. Company insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

ANET stock opened at $85.06 on Tuesday. The stock has a market capitalization of $107.27 billion, a price-to-earnings ratio of 38.32, a PEG ratio of 3.10 and a beta of 1.08. The business’s fifty day moving average price is $105.07 and its two-hundred day moving average price is $101.92. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping 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 return on equity of 29.91% and a net margin of 40.72%. Research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ANET. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Needham & Company LLC reissued a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. Piper Sandler reissued a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Barclays reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Evercore ISI increased their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a 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 stock. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

About Arista Networks

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.