Benjamin F. Edwards & Company Inc. raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET – Get Rating) by 200.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 600 shares of the technology company’s stock after buying an additional 400 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Arista Networks were worth $68,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the business. Janiczek Wealth Management LLC raised its stake in Arista Networks by 73.0% during the 3rd quarter. Janiczek Wealth Management LLC now owns 275 shares of the technology company’s stock valued at $30,000 after purchasing an additional 116 shares during the last quarter. MV Capital Management Inc. lifted its stake in shares of Arista Networks by 172.7% in the third quarter. MV Capital Management Inc. now owns 270 shares of the technology company’s stock valued at $30,000 after buying an additional 171 shares during the period. J.W. Cole Advisors Inc. acquired a new stake in Arista Networks during the first quarter worth about $32,000. Clear Street Markets LLC increased its stake in Arista Networks by 415.2% during the second quarter. Clear Street Markets LLC now owns 474 shares of the technology company’s stock valued at $44,000 after acquiring an additional 382 shares during the period. Finally, CX Institutional acquired a new position in Arista Networks in the 2nd quarter valued at approximately $58,000. 64.30% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on ANET shares. Rosenblatt Securities lifted their price objective on Arista Networks from $160.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 21st. KeyCorp lowered their price target on shares of Arista Networks from $170.00 to $161.00 and set an “overweight” rating on the stock in a report on Tuesday, November 1st. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Arista Networks from $135.00 to $140.00 in a report on Thursday, November 3rd. UBS Group upped their target price on shares of Arista Networks to $135.00 in a research note on Friday, November 4th. Finally, Piper Sandler upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $126.00 to $164.00 in a research note on Friday, November 4th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $168.26.
Arista Networks Trading Down 1.9 %
Arista Networks (NYSE:ANET – Get Rating) last issued its quarterly earnings results on Monday, October 31st. The technology company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.22. Arista Networks had a net margin of 29.63% and a return on equity of 27.23%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the business posted $0.60 earnings per share. Arista Networks’s revenue for the quarter was up 57.2% compared to the same quarter last year. On average, research analysts predict that Arista Networks, Inc. will post 3.81 EPS for the current year.
Insider Transactions at Arista Networks
In other news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $114.69, for a total transaction of $2,293,800.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $372,054.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $114.69, for a total transaction of $2,293,800.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $372,054.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Ita M. Brennan sold 9,500 shares of the stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $139.65, for a total transaction of $1,326,675.00. Following the completion of the transaction, the chief financial officer now owns 32,731 shares in the company, valued at $4,570,884.15. The disclosure for this sale can be found here. Insiders sold a total of 91,171 shares of company stock worth $11,613,443 over the last 90 days. 19.59% of the stock is owned by insiders.
About Arista Networks
Arista Networks, Inc engages in the development, marketing, and sale of cloud networking solutions. Its cloud networking solutions consist of Extensible Operating System (EOS), a set of network applications and Ethernet switching, and routing platforms. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in October 2004 and is headquartered in Santa Clara, CA.
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