Baird Financial Group Inc. Grows Position in Arista Networks, Inc. (NYSE:ANET)

Baird Financial Group Inc. lifted its position in Arista Networks, Inc. (NYSE:ANETGet Rating) by 450.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 671,955 shares of the technology company’s stock after purchasing an additional 549,799 shares during the period. Baird Financial Group Inc. owned about 0.22% of Arista Networks worth $93,388,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ANET. Vestmark Advisory Solutions Inc. raised its position in Arista Networks by 3.5% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 2,729 shares of the technology company’s stock valued at $379,000 after purchasing an additional 92 shares during the last quarter. Concentrum Wealth Management boosted its holdings in Arista Networks by 2.5% in the first quarter. Concentrum Wealth Management now owns 4,018 shares of the technology company’s stock valued at $558,000 after acquiring an additional 98 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Arista Networks by 0.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 14,200 shares of the technology company’s stock valued at $1,806,000 after purchasing an additional 100 shares during the period. Hillsdale Investment Management Inc. increased its position in Arista Networks by 2.2% during the 1st quarter. Hillsdale Investment Management Inc. now owns 4,620 shares of the technology company’s stock valued at $643,000 after purchasing an additional 100 shares during the period. Finally, Green Alpha Advisors LLC raised its holdings in Arista Networks by 1.0% in the 1st quarter. Green Alpha Advisors LLC now owns 10,404 shares of the technology company’s stock worth $1,446,000 after purchasing an additional 108 shares in the last quarter. 63.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider John F. Mccool sold 3,085 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $126.04, for a total value of $388,833.40. Following the transaction, the insider now owns 332 shares of the company’s stock, valued at $41,845.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Arista Networks news, CFO Ita M. Brennan sold 19,500 shares of Arista Networks stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $129.60, for a total value of $2,527,200.00. Following the sale, the chief financial officer now owns 28,500 shares of the company’s stock, valued at approximately $3,693,600. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John F. Mccool sold 3,085 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $126.04, for a total value of $388,833.40. Following the transaction, the insider now owns 332 shares of the company’s stock, valued at $41,845.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 246,229 shares of company stock valued at $29,995,331. Corporate insiders own 19.59% of the company’s stock.

Arista Networks Stock Performance

NYSE:ANET opened at $122.78 on Friday. The stock has a 50-day simple moving average of $114.79 and a two-hundred day simple moving average of $114.78. The firm has a market capitalization of $37.36 billion, a PE ratio of 37.87, a P/E/G ratio of 1.79 and a beta of 1.33. Arista Networks, Inc. has a 52-week low of $85.18 and a 52-week high of $148.57.

Arista Networks (NYSE:ANETGet Rating) last issued its quarterly earnings results on Monday, August 1st. The technology company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.20. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $979.66 million. Arista Networks had a net margin of 29.55% and a return on equity of 24.03%. The company’s revenue for the quarter was up 48.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.56 earnings per share. Equities analysts forecast that Arista Networks, Inc. will post 3.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on ANET shares. Cowen upped their target price on Arista Networks from $154.00 to $163.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. Citigroup increased their price objective on Arista Networks from $160.00 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, August 2nd. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Friday. Barclays decreased their price target on shares of Arista Networks from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 2nd. Finally, Piper Sandler lifted their price target on shares of Arista Networks from $108.00 to $125.00 and gave the company a “neutral” rating in a research report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.40.

About Arista Networks

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Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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