Cercano Management LLC Acquires New Shares in Arista Networks, Inc. $ANET

Cercano Management LLC bought a new position in Arista Networks, Inc. (NYSE:ANET) in the third quarter, HoldingsChannel reports. The fund bought 77,364 shares of the technology company’s stock, valued at approximately $11,273,000.

A number of other institutional investors have also recently made changes to their positions in ANET. Brighton Jones LLC raised its stake in Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after buying an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Arista Networks during the fourth quarter valued at about $202,000. Bison Wealth LLC purchased a new stake in Arista Networks in the 4th quarter worth approximately $251,000. Sivia Capital Partners LLC increased its stake in shares of Arista Networks by 48.4% in the second quarter. Sivia Capital Partners LLC now owns 10,723 shares of the technology company’s stock worth $1,097,000 after purchasing an additional 3,496 shares in the last quarter. Finally, Harbour Investments Inc. raised its position in shares of Arista Networks by 11.1% during the 2nd quarter. Harbour Investments Inc. now owns 1,804 shares of the technology company’s stock valued at $185,000 after purchasing an additional 180 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 422 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $117.15, for a total transaction of $49,437.30. Following the completion of the sale, the director directly owned 8,980 shares of the company’s stock, valued at approximately $1,052,007. This represents a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Kenneth Duda sold 26,000 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $128.43, for a total transaction of $3,339,180.00. Following the completion of the sale, the insider owned 522,400 shares in the company, valued at $67,091,832. This represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 160,464 shares of company stock valued at $20,351,388. Company insiders own 3.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ANET shares. Evercore reiterated an “outperform” rating and set a $200.00 target price on shares of Arista Networks in a research report on Friday. Piper Sandler reaffirmed an “overweight” rating and issued a $175.00 target price (up from $159.00) on shares of Arista Networks in a report on Friday. UBS Group reissued a “buy” rating and set a $177.00 price target on shares of Arista Networks in a research note on Friday. Needham & Company LLC raised their price target on Arista Networks from $165.00 to $185.00 and gave the company a “buy” rating in a report on Friday, February 13th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $188.00 price objective (up previously from $165.00) on shares of Arista Networks in a research note on Friday. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $175.44.

Arista Networks Price Performance

ANET stock opened at $142.48 on Wednesday. The company has a market capitalization of $179.42 billion, a PE ratio of 51.62, a P/E/G ratio of 2.39 and a beta of 1.42. The firm’s 50-day moving average is $133.56 and its 200 day moving average is $137.40. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94.

Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The business had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period in the previous year, the company posted $0.66 EPS. Arista Networks’s revenue was up 28.9% on a year-over-year basis. Sell-side analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.