Congress Wealth Management LLC DE Has $17.01 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

Congress Wealth Management LLC DE raised its stake in shares of Arista Networks, Inc. (NYSE:ANETFree Report) by 2.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,221 shares of the technology company’s stock after buying an additional 2,005 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Arista Networks were worth $17,009,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. FMR LLC lifted its holdings in shares of Arista Networks by 32.2% during the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock valued at $1,897,906,000 after purchasing an additional 2,515,864 shares in the last quarter. Norges Bank bought a new stake in Arista Networks in the 4th quarter valued at approximately $586,051,000. Schroder Investment Management Group lifted its stake in Arista Networks by 439.3% in the 3rd quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after acquiring an additional 1,025,815 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Arista Networks by 25,188.0% in the 4th quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after acquiring an additional 611,312 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Arista Networks by 294.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 745,634 shares of the technology company’s stock valued at $175,604,000 after acquiring an additional 556,568 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Up 1.7 %

Arista Networks stock traded up $5.06 during trading hours on Friday, hitting $306.48. The stock had a trading volume of 2,136,394 shares, compared to its average volume of 2,550,844. The stock has a market cap of $96.04 billion, a price-to-earnings ratio of 42.84, a P/E/G ratio of 2.86 and a beta of 1.13. Arista Networks, Inc. has a one year low of $148.32 and a one year high of $329.04. The business’s 50 day simple moving average is $286.76 and its 200-day simple moving average is $260.44.

Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 7th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, SVP Kenneth Duda sold 14,416 shares of Arista Networks stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the sale, the senior vice president now directly owns 252,382 shares in the company, valued at $82,284,103.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 87,418 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total value of $24,373,012.58. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 14,416 shares of Arista Networks stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $326.03, for a total value of $4,700,048.48. Following the completion of the transaction, the senior vice president now owns 252,382 shares of the company’s stock, valued at $82,284,103.46. The disclosure for this sale can be found here. Insiders have sold 396,350 shares of company stock worth $115,916,018 over the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ANET has been the topic of several recent analyst reports. Wells Fargo & Company boosted their price target on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group boosted their price target on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Barclays boosted their price target on Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Evercore ISI boosted their price target on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $325.00 price target on shares of Arista Networks in a research report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $295.22.

Check Out Our Latest Analysis on Arista Networks

About Arista Networks

(Free Report)

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.

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Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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