Arista Networks, Inc. (NYSE:ANET) Stake Raised by Passumpsic Savings Bank

Passumpsic Savings Bank grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 283.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,831 shares of the technology company’s stock after buying an additional 29,444 shares during the period. Arista Networks accounts for 2.7% of Passumpsic Savings Bank’s investment portfolio, making the stock its 9th biggest position. Passumpsic Savings Bank’s holdings in Arista Networks were worth $4,403,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the stock. Zions Bancorporation N.A. raised its holdings in Arista Networks by 6.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock valued at $160,000 after acquiring an additional 27 shares during the last quarter. Intellectus Partners LLC grew its position in shares of Arista Networks by 1.4% in the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock valued at $740,000 after purchasing an additional 27 shares during the period. Altman Advisors Inc. increased its stake in Arista Networks by 0.5% in the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock valued at $2,250,000 after purchasing an additional 28 shares during the last quarter. HM Payson & Co. lifted its position in Arista Networks by 28.2% during the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock worth $51,000 after buying an additional 29 shares during the period. Finally, Beacon Financial Advisory LLC boosted its stake in Arista Networks by 4.9% in the 3rd quarter. Beacon Financial Advisory LLC now owns 640 shares of the technology company’s stock worth $246,000 after buying an additional 30 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ANET shares. Barclays boosted their target price on shares of Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a report on Wednesday. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Morgan Stanley increased their target price on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Piper Sandler reissued a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday. Finally, UBS Group raised their price objective on Arista Networks from $106.00 to $112.00 and gave the stock a “neutral” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $113.79.

Arista Networks Stock Performance

Arista Networks stock opened at $98.31 on Friday. The firm has a market capitalization of $123.84 billion, a PE ratio of 44.28, a price-to-earnings-growth ratio of 2.79 and a beta of 1.09. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57. The stock’s 50 day moving average price is $113.94 and its 200 day moving average price is $101.57.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion during 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%. On average, analysts forecast that Arista Networks, Inc. will post 2.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In related news, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction on Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,405,171.04. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 260,056 shares of company stock valued at $30,225,623 in the last ninety days. Insiders own 3.54% of the company’s stock.

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.