Parallel Advisors LLC Buys 31,977 Shares of Arista Networks, Inc. (NYSE:ANET)

Parallel Advisors LLC raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 318.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 42,016 shares of the technology company’s stock after acquiring an additional 31,977 shares during the quarter. Parallel Advisors LLC’s holdings in Arista Networks were worth $4,644,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MidAtlantic Capital Management Inc. bought a new position in shares of Arista Networks during the 3rd quarter worth about $44,000. True Wealth Design LLC boosted its position in shares of Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after acquiring an additional 128 shares in the last quarter. Anchor Investment Management LLC boosted its position in shares of Arista Networks by 35.0% during the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after acquiring an additional 35 shares in the last quarter. Meeder Asset Management Inc. boosted its position in shares of Arista Networks by 52.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 183 shares of the technology company’s stock valued at $70,000 after acquiring an additional 63 shares in the last quarter. Finally, Caitlin John LLC boosted its position 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 valued at $26,000 after acquiring an additional 152 shares in the last quarter. 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 $85.06 on Tuesday. 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 $105.07 and its 200-day moving average is $101.92. The firm has a market capitalization of $107.27 billion, a price-to-earnings ratio of 38.32, 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. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. 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

ANET has been the topic of several recent research reports. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. 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. 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. Finally, Evercore ISI boosted their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.