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

Tradition Wealth Management LLC raised its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 541.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,412 shares of the technology company's stock after acquiring an additional 7,100 shares during the quarter. Tradition Wealth Management LLC's holdings in Arista Networks were worth $930,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in ANET. Vanguard Group Inc. increased its position in Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after buying an additional 72,311,318 shares in the last quarter. FMR LLC boosted its stake in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares in the last quarter. Geode Capital Management LLC grew its position in Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after purchasing an additional 18,293,874 shares during the last quarter. Alliancebernstein L.P. increased its stake in Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Arista Networks in the fourth quarter worth approximately $1,397,833,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Trading Up 6.3 %

Shares of NYSE:ANET traded up $4.49 during midday trading on Thursday, reaching $75.25. 11,753,218 shares of the company were exchanged, compared to its average volume of 9,114,103. The stock has a market cap of $94.49 billion, a PE ratio of 33.90, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. The business's fifty day moving average is $81.85 and its two-hundred day moving average is $98.68. Arista Networks, Inc. has a one year low of $59.43 and a one year 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 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 firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. As a group, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,500,155.36. The trade was a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now owns 139,784 shares in the company, valued at approximately $10,840,249.20. This trade represents a 5.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 410,863 shares of company stock worth $39,344,612. 3.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the company. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a research note on Monday, March 3rd. JPMorgan Chase & Co. reduced their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and boosted their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. Finally, Piper Sandler reduced their price objective 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. One equities 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $104.29.

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.