277,088 Shares in Arista Networks, Inc. (NYSE:ANET) Purchased by Alberta Investment Management Corp

Alberta Investment Management Corp acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 277,088 shares of the technology company’s stock, valued at approximately $30,627,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Stock Yards Bank & Trust Co. bought a new position in shares of Arista Networks during the 4th quarter valued at about $242,000. Silver Oak Securities Incorporated increased its position in shares of Arista Networks by 395.8% during the 4th quarter. Silver Oak Securities Incorporated now owns 18,593 shares of the technology company’s stock valued at $2,072,000 after purchasing an additional 14,843 shares during the last quarter. Proactive Wealth Strategies LLC boosted its holdings in Arista Networks by 387.6% during the 4th quarter. Proactive Wealth Strategies LLC now owns 6,120 shares of the technology company’s stock valued at $676,000 after acquiring an additional 4,865 shares during the period. Chevy Chase Trust Holdings LLC boosted its holdings in Arista Networks by 292.7% during the 4th quarter. Chevy Chase Trust Holdings LLC now owns 602,541 shares of the technology company’s stock valued at $66,599,000 after acquiring an additional 449,088 shares during the period. Finally, 5T Wealth LLC purchased a new stake in Arista Networks during the 4th quarter valued at about $1,046,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

Shares of ANET opened at $111.05 on Wednesday. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57. The firm has a market capitalization of $139.89 billion, a P/E ratio of 53.39, a PEG ratio of 3.10 and a beta of 1.09. The business has a fifty day moving average of $113.95 and a 200 day moving average of $101.32.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. Analysts expect that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Analysts Set New Price Targets

ANET has been the subject of several research analyst reports. The Goldman Sachs Group increased their price objective on Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Rosenblatt Securities reiterated a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a report on Tuesday. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Evercore ISI increased their price objective on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Finally, 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 report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $107.59.

Insider Activity at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, the director now directly owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. The trade was a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 71,036 shares of Arista Networks stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 70,724 shares in the company, valued at $7,076,289.82. This trade represents a 50.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 337,320 shares of company stock worth $37,946,706. Corporate 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.