Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Passumpsic Savings Bank

Passumpsic Savings Bank grew its holdings in Arista Networks, Inc. (NYSE:ANET) by 283.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 39,831 shares of the technology company’s stock after acquiring an additional 29,444 shares during the quarter. Arista Networks comprises 2.7% of Passumpsic Savings Bank’s investment portfolio, making the stock its 9th biggest holding. Passumpsic Savings Bank’s holdings in Arista Networks were worth $4,403,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Swedbank AB boosted its stake in Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after acquiring an additional 5,034,022 shares in the last quarter. WCM Investment Management LLC lifted its holdings in shares of Arista Networks by 292.8% in the 4th quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock valued at $674,627,000 after purchasing an additional 4,512,166 shares during the last quarter. DSM Capital Partners LLC boosted its position in shares of Arista Networks by 259.7% in the 4th quarter. DSM Capital Partners LLC now owns 5,188,878 shares of the technology company’s stock valued at $573,527,000 after purchasing an additional 3,746,407 shares during the period. Jennison Associates LLC grew its stake in Arista Networks by 307.7% during the 4th quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock worth $512,056,000 after buying an additional 3,496,497 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Arista Networks by 306.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,433,425 shares of the technology company’s stock worth $268,966,000 after buying an additional 1,835,421 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Piper Sandler reissued a “neutral” rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a research report on Wednesday. Barclays lifted their price objective on shares of Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a research note on Wednesday. Wells Fargo & Company increased their target price on shares of Arista Networks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Rosenblatt Securities restated a “sell” rating and issued a $80.00 price target on shares of Arista Networks in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average price target of $113.79.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, the director now owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Mccool sold 288 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The disclosure for this sale can be found here. Insiders sold 260,056 shares of company stock worth $30,225,623 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

ANET opened at $98.31 on Friday. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.57. The stock has a market capitalization of $123.84 billion, a P/E ratio of 44.28, a P/E/G ratio of 2.79 and a beta of 1.09. The business has a 50 day simple moving average of $113.94 and a 200-day simple moving average of $101.57.

Arista Networks (NYSE:ANET) last released its 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. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Research analysts anticipate that Arista Networks, Inc. will post 2.18 EPS 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.