Congress Asset Management Co. Boosts Holdings in Arista Networks, Inc. (NYSE:ANET)

Congress Asset Management Co. raised its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 300.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,838,991 shares of the technology company’s stock after acquiring an additional 1,379,287 shares during the period. Arista Networks makes up approximately 1.4% of Congress Asset Management Co.’s holdings, making the stock its 8th biggest position. Congress Asset Management Co. owned approximately 0.15% of Arista Networks worth $203,264,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ANET. Creative Planning lifted its stake in Arista Networks by 13.1% during the 3rd quarter. Creative Planning now owns 109,174 shares of the technology company’s stock valued at $41,903,000 after acquiring an additional 12,612 shares during the period. Cornerstone Wealth Management LLC bought a new position in shares of Arista Networks in the 3rd quarter worth approximately $207,000. Bleakley Financial Group LLC lifted its stake in shares of Arista Networks by 26.3% in the 3rd quarter. Bleakley Financial Group LLC now owns 6,426 shares of the technology company’s stock worth $2,466,000 after purchasing an additional 1,337 shares during the period. Secure Asset Management LLC bought a new position in shares of Arista Networks in the 3rd quarter worth approximately $284,000. Finally, Onyx Bridge Wealth Group LLC lifted its stake in shares of Arista Networks by 10.8% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 675 shares of the technology company’s stock worth $259,000 after purchasing an additional 66 shares during the period. Institutional investors own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ANET. UBS Group increased their price objective on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Piper Sandler reiterated a “neutral” rating and issued a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Barclays lowered their price objective on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. Evercore ISI increased their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Morgan Stanley raised their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $107.59.

Insider Buying and Selling at Arista Networks

In related news, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,500,155.36. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 335,832 shares of company stock valued at $37,787,297 in the last three months. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Price Performance

Shares of ANET opened at $106.64 on Friday. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.57. The company has a 50 day simple moving average of $113.94 and a two-hundred day simple moving average of $100.90. The firm has a market cap of $134.35 billion, a P/E ratio of 51.27, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09.

Arista Networks Company 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.