Pittenger & Anderson Inc. Acquires 2,205 Shares of Arista Networks, Inc. (NYSE:ANET)

Pittenger & Anderson Inc. increased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 35.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,395 shares of the technology company’s stock after acquiring an additional 2,205 shares during the period. Pittenger & Anderson Inc.’s holdings in Arista Networks were worth $1,977,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Arista Networks by 0.3% during the third quarter. Vanguard Group Inc. now owns 27,898,836 shares of the technology company’s stock valued at $5,131,433,000 after buying an additional 84,212 shares during the last quarter. FMR LLC increased its holdings in Arista Networks by 32.2% in the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after acquiring an additional 2,515,864 shares during the last quarter. WCM Investment Management LLC lifted its position in shares of Arista Networks by 0.5% during the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after acquiring an additional 16,081 shares in the last quarter. Northern Trust Corp lifted its holdings in Arista Networks by 5.0% during the 3rd quarter. Northern Trust Corp now owns 2,403,738 shares of the technology company’s stock worth $442,120,000 after purchasing an additional 114,978 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Arista Networks by 0.8% during the 4th quarter. Jennison Associates LLC now owns 1,807,494 shares of the technology company’s stock worth $425,683,000 after acquiring an additional 14,627 shares during the period. Institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Up 3.9 %

Shares of ANET traded up $9.99 during midday trading on Thursday, hitting $264.76. The stock had a trading volume of 3,534,376 shares, compared to its average volume of 2,482,536. The firm has a market cap of $82.77 billion, a P/E ratio of 38.78, a price-to-earnings-growth ratio of 2.15 and a beta of 1.09. Arista Networks, Inc. has a fifty-two week low of $131.68 and a fifty-two week high of $307.74. The business has a 50-day simple moving average of $279.08 and a two-hundred day simple moving average of $246.25.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the firm earned $1.25 earnings per share. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. On average, analysts expect that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research reports. KeyCorp upped their target price on shares of Arista Networks from $232.00 to $287.00 and gave the stock an “overweight” rating in a research report on Thursday, January 18th. Wells Fargo & Company boosted their price target on shares of Arista Networks from $225.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Melius Research upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a report on Monday, January 8th. Piper Sandler raised their price target on shares of Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a research report on Tuesday, February 13th. Finally, Barclays raised their price target on Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $275.59.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Yvonne Wassenaar sold 224 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total value of $57,184.96. Following the sale, the director now directly owns 2,827 shares in the company, valued at $721,704.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Yvonne Wassenaar sold 224 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total value of $57,184.96. Following the transaction, the director now owns 2,827 shares in the company, valued at $721,704.83. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kelly Bodnar Battles sold 278 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $265.81, for a total transaction of $73,895.18. Following the completion of the transaction, the director now directly owns 2,553 shares of the company’s stock, valued at approximately $678,612.93. The disclosure for this sale can be found here. In the last quarter, insiders have sold 333,494 shares of company stock valued at $95,632,321. 18.99% of the stock is owned by corporate insiders.

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.