Eads & Heald Wealth Management Invests $815,000 in Arista Networks, Inc. $ANET

Eads & Heald Wealth Management bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 5,595 shares of the technology company’s stock, valued at approximately $815,000.

Several other hedge funds also recently added to or reduced their stakes in ANET. Norges Bank acquired a new position in shares of Arista Networks in the 2nd quarter valued at about $1,228,177,000. Nordea Investment Management AB raised its position in Arista Networks by 193.3% during the second quarter. Nordea Investment Management AB now owns 7,065,054 shares of the technology company’s stock valued at $721,342,000 after acquiring an additional 4,656,021 shares in the last quarter. Holocene Advisors LP acquired a new position in Arista Networks in the second quarter valued at approximately $247,451,000. Robeco Institutional Asset Management B.V. lifted its holdings in Arista Networks by 123.0% in the second quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock valued at $313,894,000 after acquiring an additional 1,692,467 shares during the period. Finally, Voya Investment Management LLC boosted its position in Arista Networks by 102.1% in the 1st quarter. Voya Investment Management LLC now owns 3,086,504 shares of the technology company’s stock worth $239,142,000 after purchasing an additional 1,559,453 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $128.09, for a total value of $1,024,720.00. Following the completion of the sale, the director directly owned 25,784 shares in the company, valued at $3,302,672.56. This represents a 23.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kenneth Duda sold 26,000 shares of the stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total value of $3,202,160.00. Following the completion of the sale, the insider directly owned 532,400 shares of the company’s stock, valued at approximately $65,570,384. This represents a 4.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 208,464 shares of company stock worth $27,418,668 in the last 90 days. 3.54% of the stock is currently owned by insiders.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $137.19 on Tuesday. The stock has a market capitalization of $172.76 billion, a P/E ratio of 52.16, a PEG ratio of 2.25 and a beta of 1.41. The business has a 50 day simple moving average of $132.94 and a two-hundred day simple moving average of $131.17. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm’s quarterly revenue was up 27.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.40 EPS. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Melius Research lifted their price objective on shares of Arista Networks from $160.00 to $185.00 and gave the company a “buy” rating in a report on Friday, September 12th. JPMorgan Chase & Co. lifted their price target on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. The Goldman Sachs Group increased their price target on Arista Networks from $155.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Wells Fargo & Company boosted their price objective on Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Finally, Piper Sandler raised Arista Networks from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $145.00 to $159.00 in a research note on Monday. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $164.44.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.