Soltis Investment Advisors LLC Takes Position in Arista Networks, Inc. (NYSE:ANET)

Soltis Investment Advisors LLC bought a new stake in Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, Holdings Channel reports. The fund bought 53,345 shares of the technology company’s stock, valued at approximately $5,896,000.

Other institutional investors have also modified their holdings of the company. MidAtlantic Capital Management Inc. purchased a new stake in Arista Networks during the 3rd quarter worth $44,000. HM Payson & Co. raised its stake in shares of Arista Networks by 28.2% in the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after purchasing an additional 29 shares in the last quarter. True Wealth Design LLC grew its position in shares of Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after acquiring an additional 128 shares in the last quarter. Anchor Investment Management LLC increased its stake in Arista Networks by 35.0% during the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after purchasing an additional 35 shares during the last quarter. Finally, ORG Partners LLC raised its holdings in shares of Arista Networks by 186.0% during the third quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock worth $55,000 after purchasing an additional 93 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on ANET. Piper Sandler reaffirmed 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. Rosenblatt Securities increased their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a report on Friday, November 8th. Morgan Stanley boosted their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. UBS Group raised their price target on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $105.83.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 71,036 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $100.06, for a total value of $7,107,506.98. Following the transaction, the chief executive officer now owns 70,724 shares of the company’s stock, valued at $7,076,289.82. This represents a 50.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $108.29, for a total value of $8,663,200.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,405,171.04. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 255,832 shares of company stock worth $28,538,497. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Price Performance

Shares of ANET stock opened at $118.52 on Monday. The stock’s fifty day simple moving average is $113.21 and its 200 day simple moving average is $99.91. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57. The firm has a market cap of $149.31 billion, a price-to-earnings ratio of 56.98, a P/E/G ratio of 3.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the business posted $0.41 earnings per share. On average, research analysts anticipate that Arista Networks, Inc. will post 1.97 earnings per share 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.