WealthPlan Investment Management LLC Acquires New Position in Arista Networks, Inc. $ANET

WealthPlan Investment Management LLC bought a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,555 shares of the technology company’s stock, valued at approximately $3,286,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of ANET. Brighton Jones LLC grew its holdings in shares of Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after acquiring an additional 5,955 shares during the period. Revolve Wealth Partners LLC purchased a new stake in Arista Networks during the fourth quarter worth $202,000. Bison Wealth LLC acquired a new stake in Arista Networks in the fourth quarter valued at $251,000. Geneos Wealth Management Inc. increased its position in shares of Arista Networks by 16.6% in the first quarter. Geneos Wealth Management Inc. now owns 2,098 shares of the technology company’s stock valued at $163,000 after buying an additional 299 shares in the last quarter. Finally, Wesbanco Bank Inc. raised its stake in shares of Arista Networks by 2.3% during the 2nd quarter. Wesbanco Bank Inc. now owns 4,508 shares of the technology company’s stock worth $461,000 after buying an additional 100 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Up 5.2%

Shares of Arista Networks stock opened at $129.84 on Wednesday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The business’s fifty day moving average is $129.27 and its two-hundred day moving average is $132.52. The firm has a market cap of $163.50 billion, a PE ratio of 49.37, a P/E/G ratio of 2.08 and a beta of 1.41.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the prior year, the business posted $2.40 earnings per share. The firm’s revenue for the quarter was up 27.5% compared to the same quarter last year. Equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Transactions at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the transaction, the chief executive officer owned 9,917 shares in the company, valued at $1,235,162.35. This trade represents a 70.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total value of $3,694,800.00. Following the sale, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,598,124.16. The trade was a 69.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 216,464 shares of company stock worth $28,488,988 in the last three months. Company insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ANET. Zacks Research cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. UBS Group reaffirmed a “buy” rating and issued a $155.00 price target on shares of Arista Networks in a report on Wednesday, December 3rd. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Barclays reaffirmed an “overweight” rating and issued a $183.00 target price (up previously from $179.00) on shares of Arista Networks in a research note on Wednesday, November 5th. Finally, Morgan Stanley dropped their price target on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research report on Wednesday, December 17th. Eighteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $164.44.

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.