Illumine Investment Management LLC Purchases Shares of 28,455 Arista Networks, Inc. (NYSE:ANET)

Illumine Investment Management LLC acquired a new position in Arista Networks, Inc. (NYSE:ANET) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 28,455 shares of the technology company’s stock, valued at approximately $3,145,000. Arista Networks comprises approximately 2.6% of Illumine Investment Management LLC’s portfolio, making the stock its 9th largest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. PFG Investments LLC bought a new position in Arista Networks in the third quarter worth $314,000. abrdn plc lifted its position in Arista Networks by 4.8% in the third quarter. abrdn plc now owns 113,146 shares of the technology company’s stock worth $43,197,000 after purchasing an additional 5,218 shares during the period. Strategic Blueprint LLC bought a new position in Arista Networks in the third quarter worth $266,000. Mutual Advisors LLC lifted its position in Arista Networks by 13.1% in the third quarter. Mutual Advisors LLC now owns 5,154 shares of the technology company’s stock worth $2,039,000 after purchasing an additional 595 shares during the period. Finally, First Trust Direct Indexing L.P. lifted its holdings in shares of Arista Networks by 4.6% during the third quarter. First Trust Direct Indexing L.P. now owns 6,766 shares of the technology company’s stock valued at $2,597,000 after acquiring an additional 300 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Price Performance

NYSE:ANET opened at $91.50 on Friday. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The stock has a market capitalization of $115.40 billion, a PE ratio of 41.22, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. The business’s 50-day simple moving average is $112.19 and its 200-day simple moving average is $102.02.

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

Insider Transactions at Arista Networks

In related news, insider John F. Mccool sold 288 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $108.29, for a total value of $8,663,200.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,405,171.04. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 416,008 shares of company stock worth $44,854,958 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of analyst reports. Needham & Company LLC reissued a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a report on Wednesday, February 19th. Citigroup lifted their price objective on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Barclays raised their target price on Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Finally, Wells Fargo & Company raised their target price on Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.79.

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.