Montgomery Investment Management Inc. Raises Position in Arista Networks, Inc. (NYSE:ANET)

Montgomery Investment Management Inc. lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 300.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,600 shares of the technology company’s stock after acquiring an additional 4,200 shares during the period. Montgomery Investment Management Inc.’s holdings in Arista Networks were worth $619,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cranbrook Wealth Management LLC boosted its holdings in Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Trust Co. of Vermont raised its position in shares of Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares in the last quarter. New Millennium Group LLC boosted its stake 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 valued at $29,000 after buying an additional 195 shares during the last quarter. Westside Investment Management Inc. increased its stake in shares of Arista Networks by 1,012.0% in the fourth quarter. Westside Investment Management Inc. now owns 278 shares of the technology company’s stock worth $31,000 after buying an additional 253 shares during the last quarter. Finally, Costello Asset Management INC raised its holdings in Arista Networks by 300.0% in the fourth quarter. Costello Asset Management INC now owns 300 shares of the technology company’s stock valued at $33,000 after acquiring an additional 225 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 71,036 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $100.06, for a total value of $7,107,506.98. Following the completion of the transaction, the chief executive officer now directly owns 70,724 shares in the company, valued at $7,076,289.82. This trade represents a 50.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total value of $896,160.00. Following the sale, the director now directly owns 155,784 shares in the company, valued at approximately $17,450,923.68. The trade was a 4.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,832 shares of company stock valued at $28,538,497. 3.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Rosenblatt Securities boosted their price objective on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a report on Friday, November 8th. The Goldman Sachs Group increased their target price on Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Piper Sandler reiterated a “neutral” rating and issued a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Finally, StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Trading Down 0.3 %

Shares of NYSE:ANET opened at $115.11 on Friday. The firm’s 50 day moving average is $112.58 and its two-hundred day moving average is $99.48. The firm has a market capitalization of $145.01 billion, a P/E ratio of 55.34, a PEG ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 52 week low of $60.08 and a 52 week high of $133.57.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the firm earned $0.41 EPS. The firm’s revenue was up 20.0% compared to the same quarter last year. Analysts predict that Arista Networks, Inc. will post 1.97 EPS for the current year.

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.