New York Life Investment Management LLC Raises Stake in Arista Networks, Inc. (NYSE:ANET)

New York Life Investment Management LLC grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 304.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 138,719 shares of the technology company’s stock after purchasing an additional 104,392 shares during the period. New York Life Investment Management LLC’s holdings in Arista Networks were worth $15,333,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. MidAtlantic Capital Management Inc. purchased a new stake in shares of Arista Networks during the 3rd quarter worth $44,000. HM Payson & Co. boosted its position in shares of Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock worth $51,000 after purchasing an additional 29 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after purchasing an additional 128 shares in the last quarter. Anchor Investment Management LLC boosted its position in shares of Arista Networks by 35.0% during the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after purchasing an additional 35 shares in the last quarter. Finally, Transcendent Capital Group LLC boosted its position in shares of Arista Networks by 75.0% during the 3rd quarter. Transcendent Capital Group LLC now owns 175 shares of the technology company’s stock worth $67,000 after purchasing an additional 75 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ANET has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. UBS Group boosted their price objective on shares of Arista Networks from $106.00 to $112.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Piper Sandler reiterated a “neutral” rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Citigroup boosted their price objective on shares of Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Finally, The Goldman Sachs Group boosted their price objective 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy 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 $113.79.

Arista Networks Trading Up 3.8 %

NYSE:ANET opened at $96.43 on Thursday. The firm has a market cap of $121.61 billion, a price-to-earnings ratio of 43.44, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. The company’s 50-day moving average is $112.54 and its two-hundred day moving average is $102.09. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.57.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Activity

In other news, insider John F. Mccool sold 17,433 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.14, for a total transaction of $1,623,709.62. Following the completion of the transaction, the insider now owns 17,433 shares of the company’s stock, valued at $1,623,709.62. This represents a 50.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 416,008 shares of company stock valued at $44,854,958 in the last 90 days. 3.54% of the stock is currently owned by insiders.

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.