Rep. James Comer Purchases Arista Networks, Inc. (NYSE:ANET) Shares

Representative James Comer (R-Kentucky) recently bought shares of Arista Networks, Inc. NYSE: ANET. In a filing disclosed on January 10th, the Representative disclosed that they had bought between $1,001 and $15,000 in Arista Networks stock on January 2nd.

Representative James Comer also recently made the following trade(s):

• Purchased $1,001 - $15,000 in shares of Palo Alto Networks NASDAQ: PANW on 1/2/2025.
• Purchased $1,001 - $15,000 in shares of Dover NYSE: DOV on 1/2/2025.
• Purchased $1,001 - $15,000 in shares of PayPal NASDAQ: PYPL on 1/2/2025.
• Purchased $1,001 - $15,000 in shares of NVIDIA NASDAQ: NVDA on 1/2/2025.
• Purchased $1,001 - $15,000 in shares of Uber Technologies NYSE: UBER on 1/2/2025.
• Purchased $1,001 - $15,000 in shares of Broadcom NASDAQ: AVGO on 1/2/2025.
• Purchased $1,001 - $15,000 in shares of Home Depot NYSE: HD on 1/2/2025.
• Purchased $1,001 - $15,000 in shares of Amphenol NYSE: APH on 1/2/2025.
• Purchased $1,001 - $15,000 in shares of Apple NASDAQ: AAPL on 1/2/2025.
• Purchased $1,001 - $15,000 in shares of Amazon.com NASDAQ: AMZN on 1/2/2025.

Arista Networks Stock Up 1.6 %

Arista Networks stock traded up $1.79 during mid-day trading on Wednesday, hitting $116.70. 3,913,336 shares of the company were exchanged, compared to its average volume of 5,886,965. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $120.28. The business has a fifty day moving average of $107.03 and a 200 day moving average of $96.46. The company has a market capitalization of $147.01 billion, a PE ratio of 56.11, a price-to-earnings-growth ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.76 billion. During the same period in the prior year, the firm earned $0.41 earnings per share. The company's quarterly revenue was up 20.0% compared to the same quarter last year. Research analysts expect that Arista Networks, Inc. will post 1.96 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ANET. Wells Fargo & Company upped their price target on shares of Arista Networks from $97.50 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. The Goldman Sachs Group upped their target price on shares of Arista Networks from $97.50 to $107.50 and gave the stock a "buy" rating in a research report on Tuesday, September 24th. Evercore ISI increased their price target on shares of Arista Networks from $100.00 to $106.25 and gave the company an "outperform" rating in a research note on Tuesday, October 1st. StockNews.com cut shares of Arista Networks from a "buy" rating to a "hold" rating in a research report on Thursday, December 12th. Finally, Citigroup upped their price objective on Arista Networks from $96.25 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.42.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.09, for a total transaction of $8,407,200.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,363,647.84. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the transaction, the director now directly owns 163,784 shares in the company, valued at approximately $18,263,553.84. The trade was a 4.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 345,316 shares of company stock worth $37,761,976 in the last quarter. Corporate insiders own 3.54% of the company's stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANET. Anchor Investment Management LLC acquired a new stake in shares of Arista Networks in the 2nd quarter valued at approximately $35,000. MidAtlantic Capital Management Inc. acquired a new stake in Arista Networks in the third quarter worth $44,000. HM Payson & Co. raised its holdings in Arista Networks by 28.2% in the third quarter. HM Payson & Co. now owns 132 shares of the technology company's stock worth $51,000 after purchasing an additional 29 shares during the period. True Wealth Design LLC boosted its position in shares of Arista Networks by 2,133.3% during the third quarter. True Wealth Design LLC now owns 134 shares of the technology company's stock worth $51,000 after purchasing an additional 128 shares in the last quarter. Finally, ORG Partners LLC grew its holdings in shares of Arista Networks by 186.0% in the 3rd quarter. ORG Partners LLC now owns 143 shares of the technology company's stock valued at $55,000 after buying an additional 93 shares during the period. Institutional investors own 82.47% of the company's stock.

About Representative Comer

James Comer Jr. (Republican Party) is a member of the U.S. House, representing Kentucky's 1st Congressional District. He assumed office on November 14, 2016. His current term ends on January 3, 2025. Comer (Republican Party) ran for re-election to the U.S. House to represent Kentucky's 1st Congressional District. He won in the general election on November 8, 2022. Prior to serving in Congress, Comer was the Kentucky Commissioner of Agriculture from 2012 to 2016, and the Kentucky House of Representatives from 2001 to 2012. He also unsuccessfully ran for Governor of Kentucky in 2015. A writer for the Louisville Courier-Journal called Comer "instrumental in the final passage of a five-year farm bill," noting that he served on the conference committee that produced the final version of the bill. Comer is from Tompkinsville, Ky. He acted as the director of South Central Bank for 12 years and has been the co-owner of the Comer Land and Cattle Company. He previously served as president of CFB Foods Incorporated from 2001 to 2003 and president of Comer and Polston Insurance Incorporated from 1993 to 1995.

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.