Prosperity Wealth Management Inc. Purchases 14,067 Shares of Arista Networks, Inc. (NYSE:ANET)

Prosperity Wealth Management Inc. increased its position in Arista Networks, Inc. (NYSE:ANET) by 258.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 19,516 shares of the technology company’s stock after buying an additional 14,067 shares during the period. Arista Networks accounts for about 0.9% of Prosperity Wealth Management Inc.’s investment portfolio, making the stock its 17th largest holding. Prosperity Wealth Management Inc.’s holdings in Arista Networks were worth $2,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the company. Caitlin John LLC increased its holdings in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC increased 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 worth $27,000 after purchasing an additional 191 shares during the period. Cranbrook Wealth Management LLC increased its holdings in shares of Arista Networks by 300.0% during 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 increased its holdings in shares of Arista Networks by 300.0% during the 4th 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 period. Finally, New Millennium Group LLC increased its holdings in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 195 shares during the period. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling

In related news, SVP Marc Taxay sold 51,848 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock valued at $49,112,111 over the last ninety days. Insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 1.9 %

Shares of ANET stock opened at $79.07 on Wednesday. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.58. The firm’s 50 day moving average is $107.62 and its 200-day moving average is $102.03. The firm has a market capitalization of $99.72 billion, a price-to-earnings ratio of 35.62, a PEG ratio of 3.10 and a beta of 1.08.

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ANET shares. Piper Sandler reiterated a “neutral” rating and set a $108.00 target price (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and lifted their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $114.00.

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.