Financial Counselors Inc. Buys Shares of 1,976 Arista Networks, Inc. (NYSE:ANET)

Financial Counselors Inc. acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,976 shares of the technology company’s stock, valued at approximately $218,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Fisher Asset Management LLC lifted its holdings in shares of Arista Networks by 32.1% during the 3rd quarter. Fisher Asset Management LLC now owns 6,717 shares of the technology company’s stock valued at $2,578,000 after purchasing an additional 1,633 shares in the last quarter. D.A. Davidson & CO. raised its holdings in Arista Networks by 1.3% during the 3rd quarter. D.A. Davidson & CO. now owns 5,158 shares of the technology company’s stock worth $1,980,000 after buying an additional 64 shares during the period. Townsquare Capital LLC lifted its stake in Arista Networks by 3.8% in the third quarter. Townsquare Capital LLC now owns 7,769 shares of the technology company’s stock valued at $2,982,000 after buying an additional 288 shares in the last quarter. Freedom Investment Management Inc. boosted its holdings in shares of Arista Networks by 2.3% in the third quarter. Freedom Investment Management Inc. now owns 1,621 shares of the technology company’s stock valued at $622,000 after buying an additional 36 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Arista Networks by 1.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,849 shares of the technology company’s stock worth $22,971,000 after acquiring an additional 569 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on ANET. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Rosenblatt Securities reiterated a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a report on Tuesday, February 18th. Piper Sandler reissued a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Citigroup raised their price target on shares of Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average target price of $114.00.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,537,266.72. The trade was a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the sale, the chief executive officer now directly owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock valued at $49,112,111 in the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Performance

NYSE ANET opened at $77.91 on Friday. The stock has a market cap of $98.25 billion, a PE ratio of 35.09, a P/E/G ratio of 3.10 and a beta of 1.08. The firm has a 50-day moving average of $99.16 and a 200-day moving average of $101.80. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. As a group, analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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.