Great Lakes Retirement Inc. Increases Holdings in Arista Networks, Inc. $ANET

Great Lakes Retirement Inc. grew its stake in Arista Networks, Inc. (NYSE:ANET) by 23.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 62,884 shares of the technology company’s stock after purchasing an additional 11,833 shares during the quarter. Arista Networks comprises 1.0% of Great Lakes Retirement Inc.’s holdings, making the stock its 26th biggest position. Great Lakes Retirement Inc.’s holdings in Arista Networks were worth $9,163,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Bare Financial Services Inc boosted its stake in Arista Networks by 2,118.2% in the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after purchasing an additional 233 shares in the last quarter. AdvisorNet Financial Inc increased its stake in Arista Networks by 56.7% during the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares in the last quarter. Richardson Financial Services Inc. raised its holdings in Arista Networks by 141.3% in the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after buying an additional 130 shares during the last quarter. SJS Investment Consulting Inc. lifted its stake in shares of Arista Networks by 979.2% in the third quarter. SJS Investment Consulting Inc. now owns 259 shares of the technology company’s stock worth $38,000 after buying an additional 235 shares in the last quarter. Finally, Guerra Advisors Inc bought a new position in shares of Arista Networks in the third quarter worth approximately $41,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the completion of the sale, the director directly owned 9,784 shares of the company’s stock, valued at approximately $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yvonne Wassenaar sold 1,815 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total transaction of $240,378.60. Following the completion of the transaction, the director owned 12,574 shares in the company, valued at $1,665,300.56. The trade was a 12.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 188,237 shares of company stock worth $24,836,400 over the last 90 days. 3.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Morgan Stanley reissued an “overweight” rating and set a $165.00 price target on shares of Arista Networks in a research report on Friday, February 13th. Piper Sandler reiterated an “overweight” rating and set a $175.00 target price (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Rosenblatt Securities boosted their price target on Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research report on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $176.88.

Arista Networks Trading Down 3.7%

Shares of ANET opened at $124.55 on Wednesday. The firm has a fifty day simple moving average of $134.19 and a two-hundred day simple moving average of $137.19. The firm has a market cap of $156.50 billion, a PE ratio of 45.13, a P/E/G ratio of 2.29 and a beta of 1.46. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The firm had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The company’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period last year, the business posted $0.66 EPS. As a group, research 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.