Assetmark Inc. Buys 187,176 Shares of Arista Networks, Inc. (NYSE:ANET)

Assetmark Inc. lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 317.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 246,117 shares of the technology company’s stock after buying an additional 187,176 shares during the quarter. Assetmark Inc.’s holdings in Arista Networks were worth $27,203,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. State Street Corp raised its stake in shares of Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after buying an additional 411,109 shares during the period. Swedbank AB raised its stake in shares of Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after buying an additional 5,034,022 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock worth $713,721,000 after buying an additional 4,919,882 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Arista Networks by 294.1% in the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company’s stock worth $678,308,000 after buying an additional 4,579,622 shares during the period. Finally, WCM Investment Management LLC grew its position in shares of Arista Networks by 292.8% during the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after purchasing an additional 4,512,166 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In related news, SVP Marc Taxay sold 51,848 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total value of $712,240.00. Following the sale, the director now directly owns 147,784 shares of the company’s stock, valued at $13,157,209.52. This represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 491,289 shares of company stock worth $51,018,617. 3.54% of the stock is currently owned by company insiders.

Arista Networks Price Performance

NYSE ANET opened at $87.83 on Thursday. The stock has a market capitalization of $110.76 billion, a PE ratio of 39.56, a P/E/G ratio of 3.10 and a beta of 1.09. The business has a 50 day simple moving average of $110.13 and a two-hundred day simple moving average of $102.14. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.57.

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on ANET. Wells Fargo & Company increased their target price on Arista Networks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Piper Sandler reiterated a “neutral” rating and set a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Morgan Stanley increased their target price on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Rosenblatt Securities reiterated a “sell” rating and set a $80.00 target price on shares of Arista Networks in a research report on Tuesday, February 18th. Finally, StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

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.