Farther Finance Advisors LLC Has $1.02 Million Position in Arista Networks, Inc. (NYSE:ANET)

Farther Finance Advisors LLC increased its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 328.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,253 shares of the technology company's stock after purchasing an additional 7,094 shares during the quarter. Farther Finance Advisors LLC's holdings in Arista Networks were worth $1,023,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company's stock worth $4,313,229,000 after buying an additional 411,109 shares during the last quarter. Swedbank AB boosted its holdings in Arista Networks by 293.2% during the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company's stock worth $746,165,000 after buying an additional 5,034,022 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Arista Networks by 320.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company's stock worth $713,721,000 after buying an additional 4,919,882 shares during the last quarter. Amundi boosted its holdings in Arista Networks by 196.3% during the fourth quarter. Amundi now owns 6,342,064 shares of the technology company's stock worth $732,493,000 after buying an additional 4,201,973 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Arista Networks by 294.1% during the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company's stock worth $678,308,000 after buying an additional 4,579,622 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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Arista Networks Stock Performance

Arista Networks stock traded up $1.55 during midday trading on Monday, reaching $85.06. The stock had a trading volume of 6,636,323 shares, compared to its average volume of 8,651,526. The firm's fifty day simple moving average is $105.07 and its 200-day simple moving average is $101.92. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58. The stock has a market capitalization of $107.27 billion, a P/E ratio of 38.32, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ANET has been the topic of a number of recent analyst reports. Morgan Stanley raised their target price on Arista Networks from $102.50 to $118.00 and gave the stock an "overweight" rating in a report on Tuesday, December 17th. The Goldman Sachs Group restated a "buy" rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler restated a "neutral" rating and set a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Citigroup lifted their price objective on Arista Networks from $115.00 to $121.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $114.00.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,101,013.60. The trade was a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the business's 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 transaction, the director now directly owns 8,128 shares in the company, valued at $870,752.64. This trade represents a 15.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock valued at $49,112,111 in the last 90 days. 3.54% of the stock is currently owned by 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.