Belpointe Asset Management LLC Purchases 8,721 Shares of Arista Networks, Inc. $ANET

Belpointe Asset Management LLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET) by 123.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,778 shares of the technology company’s stock after purchasing an additional 8,721 shares during the quarter. Belpointe Asset Management LLC’s holdings in Arista Networks were worth $2,299,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bare Financial Services Inc lifted its position in 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 acquiring an additional 233 shares in the last quarter. AdvisorNet Financial Inc raised its stake in shares of Arista Networks by 56.7% in the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after purchasing an additional 72 shares during the last quarter. Richardson Financial Services Inc. raised its stake in shares of Arista Networks by 141.3% in the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after purchasing an additional 130 shares during the last quarter. REAP Financial Group LLC lifted its holdings in shares of Arista Networks by 108.0% during the second quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after purchasing an additional 175 shares in the last quarter. Finally, SJS Investment Consulting Inc. boosted its position in shares of Arista Networks by 979.2% during the third quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock valued at $38,000 after buying an additional 235 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 24,042 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the completion of the sale, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total transaction of $1,070,320.00. Following the sale, the director owned 17,784 shares in the company, valued at $2,379,321.36. The trade was a 31.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 216,464 shares of company stock worth $27,687,068. 3.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ANET. Barclays restated an “overweight” rating and set a $183.00 target price (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $140.00 target price on shares of Arista Networks in a research report on Monday, November 24th. Zacks Research lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $164.44.

Arista Networks Price Performance

Shares of ANET stock opened at $146.84 on Wednesday. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $164.94. The firm has a fifty day moving average price of $129.42 and a 200-day moving average price of $134.65. The company has a market cap of $184.91 billion, a price-to-earnings ratio of 55.83, a PEG ratio of 2.42 and a beta of 1.41.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period last year, the firm earned $2.40 EPS. Arista Networks’s revenue for the quarter was up 27.5% compared to the same quarter last year. Equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

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.