Arista Networks, Inc. (NYSE:ANET) Stock Position Raised by Denali Advisors LLC

Denali Advisors LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 298.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,556 shares of the technology company’s stock after acquiring an additional 43,854 shares during the period. Denali Advisors LLC’s holdings in Arista Networks were worth $6,472,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Arkadios Wealth Advisors boosted its position in shares of Arista Networks by 63.1% during the third quarter. Arkadios Wealth Advisors now owns 2,303 shares of the technology company’s stock worth $884,000 after buying an additional 891 shares during the period. PFG Investments LLC acquired a new position in shares of Arista Networks during the third quarter valued at approximately $314,000. J.W. Cole Advisors Inc. raised its holdings in Arista Networks by 77.4% during the third quarter. J.W. Cole Advisors Inc. now owns 5,057 shares of the technology company’s stock worth $1,941,000 after purchasing an additional 2,206 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Arista Networks by 4.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 34,461 shares of the technology company’s stock valued at $13,227,000 after purchasing an additional 1,610 shares in the last quarter. Finally, Old Port Advisors increased its position in shares of Arista Networks by 23.5% during the 3rd quarter. Old Port Advisors now owns 1,265 shares of the technology company’s stock valued at $486,000 after purchasing an additional 241 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Trading Up 0.2 %

Shares of NYSE ANET opened at $92.85 on Wednesday. The firm has a market capitalization of $117.10 billion, a PE ratio of 41.83, a PEG ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57. The business has a 50-day moving average price of $112.78 and a two-hundred day moving average price of $102.13.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ANET. Piper Sandler restated a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Barclays upped their price target on shares of Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Morgan Stanley lifted their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Evercore ISI increased their target price on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, The Goldman Sachs Group lifted their price target on shares of Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.79.

Insider Activity

In related news, Director Kelly Bodnar Battles sold 1,488 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the sale, the director now owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. The trade was a 15.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the transaction, the director now directly owns 42,946 shares in the company, valued at approximately $17,721,666.90. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 260,224 shares of company stock worth $30,242,856 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.