HighPoint Advisor Group LLC Buys 33,866 Shares of Arista Networks, Inc. (NYSE:ANET)

HighPoint Advisor Group LLC raised its stake in Arista Networks, Inc. (NYSE:ANET) by 292.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,440 shares of the technology company’s stock after buying an additional 33,866 shares during the period. HighPoint Advisor Group LLC’s holdings in Arista Networks were worth $5,309,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ANET. Caitlin John LLC boosted its stake in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after buying an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC grew its holdings in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after purchasing an additional 191 shares during the last quarter. Cranbrook Wealth Management LLC raised its position in Arista Networks by 300.0% in the 4th 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 period. 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. Finally, New Millennium Group LLC boosted its position in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after buying an additional 195 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ANET. Evercore ISI boosted their target price on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Wells Fargo & Company reiterated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Piper Sandler restated a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the sale, the chief executive officer now directly owns 92,641 shares in the company, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the transaction, the director now owns 163,784 shares in the company, valued at approximately $18,263,553.84. This represents a 4.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock worth $49,112,111 in the last three months. 3.54% of the stock is owned by corporate insiders.

Arista Networks Stock Performance

ANET stock opened at $77.91 on Monday. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58. The company has a market capitalization of $98.25 billion, a price-to-earnings ratio of 35.09, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The business’s 50 day moving average price is $99.16 and its two-hundred day moving average price is $101.91.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping 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%. Sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks 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.