Mendel Money Management Buys 10,629 Shares of Arista Networks, Inc. (NYSE:ANET)

Mendel Money Management lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 298.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,196 shares of the technology company’s stock after purchasing an additional 10,629 shares during the quarter. Mendel Money Management’s holdings in Arista Networks were worth $1,569,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ANET. Anchor Investment Management LLC increased its holdings in shares of 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 acquiring an additional 35 shares in the last quarter. Freedom Investment Management Inc. raised its holdings in Arista Networks by 2.3% during the third quarter. Freedom Investment Management Inc. now owns 1,621 shares of the technology company’s stock worth $622,000 after buying an additional 36 shares during the last quarter. LRI Investments LLC lifted its stake in shares of Arista Networks by 3.1% in the third quarter. LRI Investments LLC now owns 1,368 shares of the technology company’s stock valued at $528,000 after buying an additional 41 shares in the last quarter. Rehmann Capital Advisory Group increased its position in shares of Arista Networks by 3.8% during the third quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock worth $453,000 after acquiring an additional 43 shares in the last quarter. Finally, Brooklyn Investment Group lifted its position in Arista Networks by 3.3% in the 3rd quarter. Brooklyn Investment Group now owns 1,862 shares of the technology company’s stock valued at $715,000 after acquiring an additional 59 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ANET has been the subject of several analyst reports. StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Barclays reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Piper Sandler reiterated a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. One investment 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Stock Performance

Shares of ANET opened at $86.87 on Wednesday. The stock has a market capitalization of $109.55 billion, a price-to-earnings ratio of 39.13, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.58. The stock’s 50-day simple moving average is $101.47 and its 200 day simple moving average is $101.98.

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

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. This represents a 86.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now directly owns 163,784 shares in the company, valued at $18,263,553.84. This represents a 4.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 491,001 shares of company stock valued at $49,112,111. Insiders own 3.54% of the company’s stock.

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.