8,571 Shares in Arista Networks, Inc. (NYSE:ANET) Acquired by Peak Financial Advisors LLC

Peak Financial Advisors LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 8,571 shares of the technology company’s stock, valued at approximately $3,290,000. Arista Networks accounts for approximately 1.7% of Peak Financial Advisors LLC’s holdings, making the stock its 16th largest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. GQG Partners LLC acquired a new stake in shares of Arista Networks during the first quarter worth about $881,848,000. Legal & General Group Plc grew its holdings in shares of Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after buying an additional 20,278 shares during the last quarter. Swedbank AB acquired a new position in Arista Networks in the 1st quarter valued at about $521,767,000. Finally, Ameriprise Financial Inc. raised its stake in Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after acquiring an additional 884,703 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

ANET stock opened at $416.97 on Friday. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $417.71. The firm has a market capitalization of $130.99 billion, a PE ratio of 54.08, a P/E/G ratio of 3.21 and a beta of 1.07. The company’s 50 day simple moving average is $359.35 and its 200-day simple moving average is $327.45.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the business posted $1.41 earnings per share. Arista Networks’s revenue was up 15.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $394.69, for a total value of $7,893,800.00. Following the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 836 shares of Arista Networks stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $386.68, for a total transaction of $323,264.48. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $6,836,889.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 58,197 shares of company stock worth $21,326,894. Corporate insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a report on Wednesday, July 31st. Jefferies Financial Group upped their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Piper Sandler lifted their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Evercore ISI boosted their price target on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company raised their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $369.50.

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.