Ashton Thomas Private Wealth LLC Increases Stock Position in Arista Networks, Inc. $ANET

Ashton Thomas Private Wealth LLC grew its stake in Arista Networks, Inc. (NYSE:ANET) by 153.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 44,177 shares of the technology company’s stock after buying an additional 26,717 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Arista Networks were worth $6,437,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in Arista Networks by 321.7% in the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after acquiring an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Arista Networks in the 4th quarter worth about $202,000. Bison Wealth LLC bought a new position in shares of Arista Networks during the 4th quarter valued at about $251,000. Sivia Capital Partners LLC increased its position in shares of Arista Networks by 48.4% during the 2nd quarter. Sivia Capital Partners LLC now owns 10,723 shares of the technology company’s stock valued at $1,097,000 after purchasing an additional 3,496 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC raised its holdings in shares of Arista Networks by 1.6% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 6,038 shares of the technology company’s stock valued at $618,000 after buying an additional 95 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Down 6.5%

Shares of NYSE:ANET opened at $130.30 on Thursday. The company has a 50-day moving average price of $131.64 and a 200-day moving average price of $135.80. The company has a market cap of $164.09 billion, a price-to-earnings ratio of 49.54, a price-to-earnings-growth ratio of 2.35 and a beta of 1.42. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the previous year, the business earned $2.40 EPS. Arista Networks’s revenue was up 27.5% compared to the same quarter last year. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ANET. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $140.00 target price on shares of Arista Networks in a research note on Monday, November 24th. Erste Group Bank lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Barclays restated an “overweight” rating and set a $183.00 price target (up from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Finally, Morgan Stanley decreased their price objective on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a report on Wednesday, December 17th. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $164.44.

Insider Activity

In other Arista Networks news, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total value of $3,694,800.00. Following the completion of the transaction, the insider directly owned 12,976 shares in the company, valued at approximately $1,598,124.16. This represents a 69.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 24,042 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total transaction of $2,994,431.10. Following the completion of the sale, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at approximately $1,235,162.35. This represents a 70.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 216,464 shares of company stock valued at $27,553,548. Company insiders own 3.39% of the company’s stock.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.