Smartleaf Asset Management LLC Raises Position in Arista Networks, Inc. $ANET

Smartleaf Asset Management LLC lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 46.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,544 shares of the technology company’s stock after acquiring an additional 4,310 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Arista Networks were worth $1,942,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. AdvisorNet Financial Inc increased its stake in shares of Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after buying an additional 72 shares during the period. Richardson Financial Services Inc. grew its holdings in Arista Networks by 141.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after acquiring an additional 130 shares in the last quarter. Bare Financial Services Inc increased its position in shares of Arista Networks by 2,118.2% in the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after purchasing an additional 233 shares during the last quarter. SJS Investment Consulting Inc. raised its holdings in shares of Arista Networks by 979.2% in the 3rd quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after purchasing an additional 235 shares in the last quarter. Finally, Guerra Advisors Inc acquired a new stake in shares of Arista Networks in the 3rd quarter valued at $41,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Jayshree Ullal sold 24,042 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the transaction, the chief executive officer owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This trade represents a 70.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Kenneth Duda sold 30,000 shares of the company’s 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 $3,694,800.00. Following the sale, the insider directly owned 12,976 shares of the company’s stock, valued at approximately $1,598,124.16. This represents a 69.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 216,464 shares of company stock valued at $27,553,548. Insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 6.9%

Shares of ANET opened at $137.50 on Monday. The company’s 50 day simple moving average is $131.78 and its 200-day simple moving average is $136.28. The firm has a market cap of $173.15 billion, a PE ratio of 52.28, a price-to-earnings-growth ratio of 2.32 and a beta of 1.42. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $164.94.

Wall Street Analysts Forecast Growth

ANET has been the subject of several analyst reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $140.00 price objective on shares of Arista Networks in a research report on Monday, November 24th. Morgan Stanley lowered their price target on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. Piper Sandler upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and increased their price target for the company from $145.00 to $159.00 in a research note on Monday, January 5th. UBS Group restated a “buy” rating and set a $155.00 price objective on shares of Arista Networks in a research report on Wednesday, December 3rd. Finally, Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $164.44.

Arista Networks Company Profile

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.