Concorde Asset Management LLC Invests $668,000 in Arista Networks, Inc. (NYSE:ANET)

Concorde Asset Management LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,041 shares of the technology company's stock, valued at approximately $668,000.

Other hedge funds have also bought and sold shares of the company. Morse Asset Management Inc bought a new position in Arista Networks in the 3rd quarter worth about $123,000. Continuum Advisory LLC lifted its position in shares of Arista Networks by 783.8% during the third quarter. Continuum Advisory LLC now owns 327 shares of the technology company's stock valued at $126,000 after buying an additional 290 shares during the last quarter. Coldstream Capital Management Inc. grew its holdings in Arista Networks by 13.0% in the third quarter. Coldstream Capital Management Inc. now owns 4,359 shares of the technology company's stock worth $1,678,000 after purchasing an additional 503 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Arista Networks by 1.0% during the third quarter. Toronto Dominion Bank now owns 139,712 shares of the technology company's stock worth $53,624,000 after purchasing an additional 1,355 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its position in shares of Arista Networks by 193.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 689 shares of the technology company's stock worth $264,000 after purchasing an additional 454 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on ANET. Rosenblatt Securities reaffirmed a "sell" rating and issued a $80.00 price objective on shares of Arista Networks in a research report on Tuesday, February 18th. UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Citigroup upped their target price on Arista Networks from $115.00 to $121.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. Piper Sandler lowered their price target on Arista Networks from $108.00 to $76.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, Morgan Stanley cut their price objective on Arista Networks from $118.00 to $73.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $108.50.

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Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 138,351 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the sale, the chief executive officer now directly owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total value of $896,160.00. Following the transaction, the director now owns 155,784 shares in the company, 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. In the last three months, insiders have sold 411,031 shares of company stock worth $39,364,943. Insiders own 3.54% of the company's stock.

Arista Networks Stock Down 0.2 %

Shares of ANET stock traded down $0.15 during mid-day trading on Friday, hitting $72.50. 11,224,936 shares of the stock were exchanged, compared to its average volume of 9,149,886. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The firm has a fifty day moving average of $88.74 and a 200 day moving average of $100.12. The company has a market cap of $91.43 billion, a PE ratio of 32.66, a price-to-earnings-growth 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 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 during the quarter, compared to analysts' expectations of $1.90 billion. Equities analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current 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.