Peregrine Asset Advisers Inc. Buys 4,665 Shares of Arista Networks, Inc. (NYSE:ANET)

Peregrine Asset Advisers Inc. lifted its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 300.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 6,220 shares of the technology company’s stock after acquiring an additional 4,665 shares during the quarter. Peregrine Asset Advisers Inc.’s holdings in Arista Networks were worth $687,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Passumpsic Savings Bank lifted its stake in Arista Networks by 283.5% during the fourth quarter. Passumpsic Savings Bank now owns 39,831 shares of the technology company’s stock worth $4,403,000 after purchasing an additional 29,444 shares during the last quarter. Capital Advisory Group Advisory Services LLC increased its position in shares of Arista Networks by 383.3% during the 4th quarter. Capital Advisory Group Advisory Services LLC now owns 2,900 shares of the technology company’s stock valued at $321,000 after purchasing an additional 2,300 shares during the last quarter. Cassaday & Co Wealth Management LLC raised its holdings in shares of Arista Networks by 320.1% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 5,016 shares of the technology company’s stock valued at $554,000 after buying an additional 3,822 shares in the last quarter. Peoples Bank OH lifted its position in Arista Networks by 225.4% in the 4th quarter. Peoples Bank OH now owns 1,868 shares of the technology company’s stock worth $206,000 after buying an additional 1,294 shares during the last quarter. Finally, Bray Capital Advisors boosted its stake in Arista Networks by 300.0% in the fourth quarter. Bray Capital Advisors now owns 1,800 shares of the technology company’s stock worth $199,000 after buying an additional 1,350 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

NYSE ANET opened at $98.31 on Friday. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The stock has a market cap of $123.84 billion, a P/E ratio of 44.28, a price-to-earnings-growth ratio of 2.79 and a beta of 1.09. The stock has a 50 day simple moving average of $113.94 and a two-hundred day simple moving average of $101.57.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Sell-side analysts predict that Arista Networks, Inc. will post 2.18 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research note on Wednesday. The Goldman Sachs Group lifted their target price on shares of Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday. UBS Group upped their price target on shares of Arista Networks from $106.00 to $112.00 and gave the company a “neutral” rating in a research report on Wednesday. Rosenblatt Securities reiterated a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a report on Tuesday. Finally, Piper Sandler reissued a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday. 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $113.79.

Insider Transactions at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the transaction, the director now owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. This represents a 15.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, the director now owns 42,946 shares in the company, valued at $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 260,056 shares of company stock valued at $30,225,623. Company insiders own 3.54% of the company’s stock.

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.