PFG Advisors Purchases 3,860 Shares of Arista Networks, Inc. (NYSE:ANET)

PFG Advisors lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 360.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,930 shares of the technology company’s stock after purchasing an additional 3,860 shares during the quarter. PFG Advisors’ holdings in Arista Networks were worth $545,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Caitlin John LLC grew its holdings in 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 acquiring an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC lifted its position 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 acquiring an additional 191 shares during the period. Cranbrook Wealth Management LLC lifted its position 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 valued at $29,000 after acquiring an additional 198 shares during the period. Trust Co. of Vermont lifted its position 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 valued at $29,000 after acquiring an additional 198 shares during the period. Finally, New Millennium Group LLC raised its holdings in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 195 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Evercore ISI upped their price objective 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. Piper Sandler restated a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Citigroup increased their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Morgan Stanley upped their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the transaction, the director now owns 155,784 shares in the company, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,101,013.60. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 491,001 shares of company stock worth $49,112,111. Insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

Shares of ANET opened at $83.58 on Friday. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58. The firm’s 50 day simple moving average is $105.75 and its 200 day simple moving average is $101.71. The company has a market capitalization of $105.41 billion, a P/E ratio of 37.65, a P/E/G ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating 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 business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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.