Summit Global Investments Has $3.97 Million Position in Arista Networks, Inc. (NYSE:ANET)

Summit Global Investments lifted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 681.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,898 shares of the technology company's stock after purchasing an additional 31,307 shares during the quarter. Summit Global Investments' holdings in Arista Networks were worth $3,972,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. True Wealth Design LLC lifted its position in Arista Networks by 2,133.3% in 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 during the period. Anchor Investment Management LLC raised its stake in shares of Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company's stock worth $52,000 after buying an additional 35 shares in the last quarter. Caitlin John LLC lifted its holdings in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its stake in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after buying an additional 191 shares in the last quarter. Finally, New Millennium Group LLC grew its holdings in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 195 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other news, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction 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 transaction, the director now owns 163,784 shares in the company, valued at $18,263,553.84. This represents 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 worth $49,112,111 in the last three months. 3.54% of the stock is owned by insiders.

Arista Networks Price Performance

Arista Networks stock traded down $0.64 during trading hours on Tuesday, hitting $86.87. The company had a trading volume of 7,776,843 shares, compared to its average volume of 8,570,789. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58. The firm has a market capitalization of $109.55 billion, a P/E ratio of 39.13, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The firm's fifty day moving average is $102.03 and its 200-day moving average is $101.92.

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

Wall Street Analyst Weigh In

ANET has been the subject of a number of research analyst reports. Rosenblatt Securities reissued a "sell" rating and issued a $80.00 price target on shares of Arista Networks in a report on Tuesday, February 18th. Morgan Stanley increased their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an "overweight" rating in a research note on Tuesday, December 17th. Piper Sandler restated a "neutral" rating and issued a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Evercore ISI increased their price objective on Arista Networks from $110.00 to $130.00 and gave the company an "outperform" rating in a research report on Friday, January 17th. Finally, UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. 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.com, Arista Networks presently has a consensus rating of "Moderate Buy" and an average price target of $114.00.

Arista Networks 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.