OneAscent Wealth Management LLC Purchases 2,710 Shares of Arista Networks, Inc. (NYSE:ANET)

OneAscent Wealth Management LLC increased its holdings in Arista Networks, Inc. (NYSE:ANET) by 308.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,588 shares of the technology company’s stock after acquiring an additional 2,710 shares during the period. OneAscent Wealth Management LLC’s holdings in Arista Networks were worth $397,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares during the last quarter. Norges Bank purchased a new stake in Arista Networks during the fourth quarter worth about $1,397,833,000. State Street Corp raised its position in Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after acquiring an additional 411,109 shares during the period. Swedbank AB boosted its stake in Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after acquiring an additional 5,034,022 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Arista Networks by 320.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock valued at $713,721,000 after acquiring an additional 4,919,882 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of ANET stock opened at $77.91 on Friday. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58. The business’s fifty day moving average is $99.16 and its 200 day moving average is $101.66. The company has a market capitalization of $98.25 billion, a PE ratio of 35.09, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

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

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the transaction, the director now directly owns 8,128 shares in the company, valued at $870,752.64. This trade represents a 15.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was 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 owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 491,001 shares of company stock worth $49,112,111. 3.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ANET shares. Evercore ISI lifted their price target on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Citigroup upped their price target on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. One 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $114.00.

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.