Bleakley Financial Group LLC Grows Stake in Arista Networks, Inc. (NYSE:ANET)

Bleakley Financial Group LLC lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 285.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 24,761 shares of the technology company’s stock after acquiring an additional 18,335 shares during the period. Bleakley Financial Group LLC’s holdings in Arista Networks were worth $2,737,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ANET. Cranbrook Wealth Management LLC lifted its stake in Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the last quarter. Trust Co. of Vermont lifted its stake in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the last quarter. New Millennium Group LLC lifted its stake in Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 195 shares during the last quarter. Westside Investment Management Inc. lifted its stake in Arista Networks by 1,012.0% in the fourth quarter. Westside Investment Management Inc. now owns 278 shares of the technology company’s stock worth $31,000 after purchasing an additional 253 shares during the last quarter. Finally, Costello Asset Management INC lifted its stake in Arista Networks by 300.0% in the fourth quarter. Costello Asset Management INC now owns 300 shares of the technology company’s stock worth $33,000 after purchasing an additional 225 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider John F. Mccool sold 288 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $108.70, for a total transaction of $31,305.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were 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 owns 12,976 shares in the company, valued at approximately $1,405,171.04. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 255,832 shares of company stock worth $28,538,497. 3.54% of the stock is currently owned by company insiders.

Arista Networks Price Performance

Shares of NYSE ANET opened at $115.11 on Friday. The stock has a market capitalization of $145.01 billion, a P/E ratio of 55.34, a P/E/G ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.57. The company’s 50-day moving average is $112.58 and its 200 day moving average is $99.48.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 earnings per share. Research analysts anticipate that Arista Networks, Inc. will post 1.97 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ANET shares. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. The Goldman Sachs Group boosted their price target on shares of Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, January 17th. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Rosenblatt Securities upped their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. Finally, Morgan Stanley upped their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Company Profile

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.