Stonehaven Wealth & Tax Solutions LLC Purchases New Stake in Arista Networks, Inc. (NYSE:ANET)

Stonehaven Wealth & Tax Solutions LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,904 shares of the technology company’s stock, valued at approximately $210,000.

A number of other hedge funds have also recently modified their holdings of ANET. Vanguard Group Inc. grew its stake in shares of Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares during the last quarter. FMR LLC lifted its holdings in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after buying an additional 44,269,572 shares during the period. Geode Capital Management LLC grew its position in shares of Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after buying an additional 18,293,874 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock valued at $2,328,869,000 after buying an additional 14,454,822 shares during the period. Finally, Norges Bank bought a new position in shares of Arista Networks during the fourth quarter valued at approximately $1,397,833,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,500,155.36. The trade was a 86.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total value of $896,160.00. Following the completion of the transaction, the director now owns 155,784 shares in the company, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 411,031 shares of company stock worth $39,364,943. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Down 0.6 %

Shares of ANET opened at $73.17 on Wednesday. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The company has a market capitalization of $92.27 billion, a P/E ratio of 32.96, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. The firm has a 50 day moving average of $87.06 and a 200 day moving average of $99.81.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analysts Set New Price Targets

ANET has been the subject of several research reports. Needham & Company LLC restated a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. Barclays restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Evercore ISI lowered their target price on Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Finally, Piper Sandler decreased their price objective on Arista Networks from $108.00 to $76.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $104.29.

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.