Byrne Asset Management LLC Invests $51,000 in Arista Networks, Inc. (NYSE:ANET)

Byrne Asset Management LLC bought a new stake in Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, HoldingsChannel.com reports. The fund bought 460 shares of the technology company’s stock, valued at approximately $51,000.

Several other hedge funds have also recently added to or reduced their stakes in ANET. CWM LLC grew its holdings in shares of Arista Networks by 12.5% in the 3rd quarter. CWM LLC now owns 17,931 shares of the technology company’s stock worth $6,882,000 after purchasing an additional 1,989 shares during the last quarter. Perpetual Ltd increased its holdings in shares of Arista Networks by 25.4% during the third quarter. Perpetual Ltd now owns 5,703 shares of the technology company’s stock worth $2,189,000 after buying an additional 1,156 shares in the last quarter. Private Advisory Group LLC raised its stake in shares of Arista Networks by 27.5% in the third quarter. Private Advisory Group LLC now owns 3,055 shares of the technology company’s stock valued at $1,172,000 after acquiring an additional 658 shares during the last quarter. Clarius Group LLC boosted its holdings in shares of Arista Networks by 13.4% in the 3rd quarter. Clarius Group LLC now owns 1,343 shares of the technology company’s stock worth $514,000 after acquiring an additional 159 shares in the last quarter. Finally, LVW Advisors LLC grew its position in Arista Networks by 6.0% during the 3rd quarter. LVW Advisors LLC now owns 730 shares of the technology company’s stock worth $280,000 after acquiring an additional 41 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analysts Set New Price Targets

ANET has been the subject of several research analyst reports. Evercore ISI lifted their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley lifted their target price on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Wells Fargo & Company increased their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Piper Sandler restated a “neutral” rating and issued a $105.25 price target (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Finally, Barclays cut their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average target price of $105.83.

Arista Networks Stock Performance

Shares of Arista Networks stock opened at $118.52 on Friday. The firm has a market cap of $149.31 billion, a PE ratio of 56.98, a P/E/G ratio of 3.10 and a beta of 1.09. The business’s 50 day simple moving average is $112.87 and its 200 day simple moving average is $99.58. Arista Networks, Inc. has a 52-week low of $60.08 and a 52-week high of $133.57.

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

Insider Activity at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction on Monday, December 9th. The shares were sold at an average price of $108.70, for a total transaction of $31,305.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the completion of the transaction, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 255,832 shares of company stock valued at $28,538,497. 3.54% of the stock is owned by corporate insiders.

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.