Peregrine Asset Advisers Inc. Buys New Stake in Arista Networks, Inc. (NYSE:ANET)

Peregrine Asset Advisers Inc. purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,000 shares of the technology company’s stock, valued at approximately $236,000.

A number of other large investors also recently added to or reduced their stakes in ANET. Apollon Wealth Management LLC boosted its stake in shares of Arista Networks by 38.4% in the fourth quarter. Apollon Wealth Management LLC now owns 6,244 shares of the technology company’s stock valued at $1,471,000 after purchasing an additional 1,733 shares during the period. Lincoln National Corp boosted its position in Arista Networks by 4.0% in the 4th quarter. Lincoln National Corp now owns 16,875 shares of the technology company’s stock valued at $3,974,000 after buying an additional 648 shares during the period. Fielder Capital Group LLC acquired a new position in shares of Arista Networks in the fourth quarter worth $279,000. UNIVEST FINANCIAL Corp acquired a new position in shares of Arista Networks in the fourth quarter worth $213,000. Finally, Maryland State Retirement & Pension System increased its position in shares of Arista Networks by 1.9% during the fourth quarter. Maryland State Retirement & Pension System now owns 19,516 shares of the technology company’s stock worth $4,596,000 after acquiring an additional 366 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Arista Networks

In related news, CEO Jayshree Ullal sold 87,418 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Jayshree Ullal sold 87,418 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $278.81, for a total value of $24,373,012.58. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at $4,929,639.61. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The disclosure for this sale can be found here. Insiders sold a total of 337,474 shares of company stock valued at $96,640,840 in the last ninety days. Insiders own 3.54% of the company’s stock.

Arista Networks Trading Up 1.6 %

Shares of Arista Networks stock traded up $4.42 during trading on Monday, reaching $278.82. The company’s stock had a trading volume of 2,030,771 shares, compared to its average volume of 2,450,893. The company has a 50-day moving average price of $279.18 and a two-hundred day moving average price of $250.63. Arista Networks, Inc. has a fifty-two week low of $133.42 and a fifty-two week high of $307.74. The firm has a market cap of $87.17 billion, a PE ratio of 42.44, a P/E/G ratio of 2.33 and a beta of 1.13.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the business posted $1.25 earnings per share. Arista Networks’s quarterly revenue was up 20.8% on a year-over-year basis. On average, analysts predict that Arista Networks, Inc. will post 6.74 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ANET. Melius Research upgraded Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a report on Monday, January 8th. Piper Sandler raised their target price on shares of Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a report on Tuesday, February 13th. KeyCorp boosted their price target on shares of Arista Networks from $232.00 to $287.00 and gave the stock an “overweight” rating in a report on Thursday, January 18th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Arista Networks in a report on Tuesday, February 13th. Finally, Melius raised shares of Arista Networks from a “hold” rating to a “buy” rating in a research report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $285.53.

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.