Independent Solutions Wealth Management LLC Boosts Stake in Arista Networks, Inc. (NYSE:ANET)

Independent Solutions Wealth Management LLC lifted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 294.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,935 shares of the technology company's stock after purchasing an additional 23,087 shares during the quarter. Independent Solutions Wealth Management LLC's holdings in Arista Networks were worth $3,419,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quest Partners LLC lifted its stake in shares of Arista Networks by 149.2% in the 3rd quarter. Quest Partners LLC now owns 2,896 shares of the technology company's stock worth $1,112,000 after acquiring an additional 1,734 shares during the period. Pathstone Holdings LLC lifted its position in Arista Networks by 6.4% in the third quarter. Pathstone Holdings LLC now owns 25,697 shares of the technology company's stock valued at $9,863,000 after purchasing an additional 1,554 shares during the period. Meeder Asset Management Inc. increased its position in Arista Networks by 52.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 183 shares of the technology company's stock worth $70,000 after purchasing an additional 63 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Arista Networks by 5.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 61,991 shares of the technology company's stock worth $23,793,000 after buying an additional 3,273 shares in the last quarter. Finally, Howe & Rusling Inc. purchased a new stake in shares of Arista Networks in the third quarter valued at approximately $205,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

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Arista Networks Stock Performance

Shares of NYSE ANET traded up $4.45 during trading on Monday, hitting $87.58. 10,398,418 shares of the company traded hands, compared to its average volume of 8,579,403. The business's fifty day moving average is $102.03 and its 200 day moving average is $101.92. The firm has a market capitalization of $110.44 billion, a price-to-earnings ratio of 39.45, a P/E/G ratio of 3.10 and a beta of 1.08. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data 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 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 predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of the business's stock in a transaction 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 owns 8,128 shares of the company's stock, valued at approximately $870,752.64. The trade was a 15.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now owns 163,784 shares of the company's stock, 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 491,001 shares of company stock valued at $49,112,111 over the last ninety days. 3.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ANET has been the topic of several research reports. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Barclays reaffirmed an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. The Goldman Sachs Group reissued a "buy" rating on shares of Arista Networks in a research report on Monday, March 3rd. Morgan Stanley upped their price objective on Arista Networks from $102.50 to $118.00 and gave the company an "overweight" rating in a research report on Tuesday, December 17th. Finally, Piper Sandler reiterated a "neutral" rating and set a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, Arista Networks currently has a consensus rating of "Moderate Buy" and an average target price of $114.00.

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.