Gries Financial LLC Purchases New Position in Arista Networks, Inc. (NYSE:ANET)

Gries Financial LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 801 shares of the technology company’s stock, valued at approximately $281,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Capital World Investors raised its position in shares of Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after acquiring an additional 55,312 shares during the last quarter. WCM Investment Management LLC increased its holdings in Arista Networks by 0.8% in the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after purchasing an additional 25,196 shares during the last quarter. GQG Partners LLC acquired a new stake in shares of Arista Networks in the 1st quarter valued at approximately $881,848,000. Finally, Norges Bank acquired a new stake in Arista Networks in the fourth quarter worth $586,051,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ANET has been the topic of a number of research analyst reports. KeyCorp raised their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Barclays raised their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Evercore ISI lifted their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Wells Fargo & Company boosted their price objective on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Piper Sandler upped their price target on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,057,154.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $325.88, for a total value of $6,517,600.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,057,154.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $352.93, for a total transaction of $705,860.00. Following the transaction, the director now owns 52,946 shares of the company’s stock, valued at approximately $18,686,231.78. The disclosure for this sale can be found here. Insiders sold 120,387 shares of company stock valued at $42,196,501 over the last quarter. 3.54% of the stock is owned by company insiders.

Arista Networks Price Performance

ANET stock opened at $325.88 on Thursday. The company has a 50 day simple moving average of $344.20 and a 200 day simple moving average of $310.18. The stock has a market cap of $102.12 billion, a price-to-earnings ratio of 45.39, a P/E/G ratio of 2.78 and a beta of 1.11. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $376.50.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. Arista Networks’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.41 EPS. On average, equities research analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current fiscal 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.