Strategic Blueprint LLC Acquires New Holdings in Arista Networks, Inc. (NYSE:ANET)

Strategic Blueprint LLC bought a new position in Arista Networks, Inc. (NYSE:ANET) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 693 shares of the technology company’s stock, valued at approximately $266,000.

Several other hedge funds have also modified their holdings of the company. First Affirmative Financial Network grew its stake in Arista Networks by 4.3% during the 3rd quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock worth $262,000 after buying an additional 28 shares during the last quarter. FCG Investment Co grew its stake in shares of Arista Networks by 2.3% during the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after acquiring an additional 29 shares during the last quarter. Everpar Advisors LLC increased its holdings in shares of Arista Networks by 1.5% during the third quarter. Everpar Advisors LLC now owns 1,907 shares of the technology company’s stock valued at $732,000 after acquiring an additional 29 shares in the last quarter. Foundations Investment Advisors LLC raised its position in shares of Arista Networks by 5.0% in the 3rd quarter. Foundations Investment Advisors LLC now owns 653 shares of the technology company’s stock valued at $251,000 after purchasing an additional 31 shares during the last quarter. Finally, Old Port Advisors boosted its stake in Arista Networks by 3.5% in the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after purchasing an additional 32 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $394.23 on Friday. The firm has a 50-day simple moving average of $376.13 and a two-hundred day simple moving average of $338.73. Arista Networks, Inc. has a fifty-two week low of $203.19 and a fifty-two week high of $422.73. The company has a market cap of $123.85 billion, a P/E ratio of 51.13, a price-to-earnings-growth ratio of 3.49 and a beta of 1.07.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the business posted $1.41 earnings per share. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. Equities research analysts forecast that Arista Networks, Inc. will post 7.42 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ANET shares. JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Piper Sandler raised their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Jefferies Financial Group boosted their price target on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a research note on Wednesday, July 31st. Finally, Barclays lifted their target price on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $373.88.

Insider Transactions at Arista Networks

In related news, SVP Kenneth Duda sold 1,689 shares of Arista Networks stock in a transaction on Friday, September 6th. The shares were sold at an average price of $321.28, for a total value of $542,641.92. Following the sale, the senior vice president now owns 182,600 shares of the company’s stock, valued at approximately $58,665,728. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the transaction, the director now owns 2,726 shares of the company’s stock, valued at $883,278.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kenneth Duda sold 1,689 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $321.28, for a total value of $542,641.92. Following the completion of the transaction, the senior vice president now owns 182,600 shares in the company, valued at approximately $58,665,728. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,522 shares of company stock valued at $20,099,338 in the last three months. 3.54% of the stock is currently owned by company insiders.

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.