Summit Financial LLC Has $520,000 Holdings in Arista Networks, Inc. (NYSE:ANET)

Summit Financial LLC raised its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 322.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,704 shares of the technology company's stock after buying an additional 3,590 shares during the quarter. Summit Financial LLC's holdings in Arista Networks were worth $520,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ANET. Anchor Investment Management LLC lifted its stake in shares of Arista Networks by 35.0% in the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company's stock valued at $52,000 after buying an additional 35 shares during the period. Caitlin John LLC raised its holdings in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in shares of Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after acquiring an additional 191 shares during the period. New Millennium Group LLC grew its holdings in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 195 shares in the last quarter. Finally, Cranbrook Wealth Management LLC grew its holdings in shares of Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock worth $29,000 after purchasing an additional 198 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 138,351 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares of the company's stock, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total transaction of $896,160.00. Following the sale, the director now owns 155,784 shares of the company's stock, valued at approximately $17,450,923.68. This represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 411,001 shares of company stock valued at $39,362,831 over the last quarter. Corporate insiders own 3.54% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Piper Sandler reaffirmed a "neutral" rating and set a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a research report on Monday, March 3rd. Rosenblatt Securities reissued a "sell" rating and issued a $80.00 price target on shares of Arista Networks in a research report on Tuesday, February 18th. Finally, Barclays reaffirmed an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. One 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 MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and an average target price of $114.00.

Arista Networks Price Performance

Shares of NYSE:ANET traded up $3.75 during midday trading on Monday, reaching $68.12. The company's stock had a trading volume of 19,997,854 shares, compared to its average volume of 9,034,808. The business's fifty day simple moving average is $93.37 and its 200-day simple moving average is $101.18. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The company has a market capitalization of $85.91 billion, a P/E ratio of 30.68, a P/E/G ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.90 billion. On average, analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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.