Petra Financial Advisors Inc. Boosts Position in Arista Networks, Inc. (NYSE:ANET)

Petra Financial Advisors Inc. grew its stake in Arista Networks, Inc. (NYSE:ANET) by 297.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,329 shares of the technology company’s stock after purchasing an additional 9,230 shares during the period. Petra Financial Advisors Inc.’s holdings in Arista Networks were worth $1,363,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Primecap Management Co. CA boosted its position in Arista Networks by 300.0% during the fourth quarter. Primecap Management Co. CA now owns 16,800 shares of the technology company’s stock worth $1,857,000 after purchasing an additional 12,600 shares in the last quarter. Axxcess Wealth Management LLC lifted its position in Arista Networks by 320.4% during the fourth quarter. Axxcess Wealth Management LLC now owns 53,435 shares of the technology company’s stock worth $5,906,000 after buying an additional 40,725 shares during the period. William Blair Investment Management LLC lifted its position in Arista Networks by 474.3% during the fourth quarter. William Blair Investment Management LLC now owns 235,813 shares of the technology company’s stock worth $26,064,000 after buying an additional 194,750 shares during the period. Cozad Asset Management Inc. lifted its position in Arista Networks by 303.0% during the fourth quarter. Cozad Asset Management Inc. now owns 4,352 shares of the technology company’s stock worth $481,000 after buying an additional 3,272 shares during the period. Finally, Cassady Schiller Wealth Management LLC lifted its position in Arista Networks by 357.6% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 421 shares of the technology company’s stock worth $47,000 after buying an additional 329 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Trading Up 1.9 %

Shares of NYSE ANET opened at $85.06 on Tuesday. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $133.58. The company has a market cap of $107.27 billion, a price-to-earnings ratio of 38.32, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The stock’s 50 day simple moving average is $105.07 and its 200 day simple moving average is $101.92.

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

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent analyst reports. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research note on Wednesday, February 19th. Rosenblatt Securities restated a “sell” rating and set a $80.00 price target on shares of Arista Networks in a research note on Tuesday, February 18th. Piper Sandler restated a “neutral” rating and set a $108.00 price target (up from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, Citigroup upped their price target on Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Insider Buying and Selling at Arista Networks

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

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.