Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Bartlett & Co. LLC

Posted by on Jun 20th, 2023

Bartlett & Co. LLC boosted its holdings in Arista Networks, Inc. (NYSE:ANET – Get Rating) by 802.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,300 shares of the technology company’s stock after buying an additional 1,156 shares during the quarter. Bartlett & Co. LLC’s holdings in Arista Networks were worth $218,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Trifecta Capital Advisors LLC acquired a new position in shares of Arista Networks in the fourth quarter worth about $27,000. TCI Wealth Advisors Inc. lifted its position in shares of Arista Networks by 126.7% in the 4th quarter. TCI Wealth Advisors Inc. now owns 297 shares of the technology company’s stock valued at $36,000 after acquiring an additional 166 shares in the last quarter. Coppell Advisory Solutions Corp. acquired a new position in Arista Networks in the 4th quarter worth approximately $43,000. U.S. Capital Wealth Advisors LLC purchased a new position in Arista Networks during the 4th quarter worth approximately $57,000. Finally, Accurate Wealth Management LLC purchased a new stake in shares of Arista Networks in the fourth quarter valued at $58,000. Institutional investors and hedge funds own 67.80% of the company’s stock.

Arista Networks Trading Down 3.5 %

Shares of ANET stock opened at $157.79 on Tuesday. Arista Networks, Inc. has a 1 year low of $90.21 and a 1 year high of $178.36. The firm’s fifty day simple moving average is $154.06 and its 200 day simple moving average is $142.36. The firm has a market capitalization of $48.64 billion, a P/E ratio of 32.87, a price-to-earnings-growth ratio of 2.01 and a beta of 1.27.

Arista Networks (NYSE:ANET – Get Rating) last released its earnings results on Monday, May 1st. The technology company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Arista Networks had a net margin of 31.24% and a return on equity of 31.33%. The firm’s revenue was up 54.1% on a year-over-year basis. During the same quarter last year, the company earned $0.78 earnings per share. Equities research analysts anticipate that Arista Networks, Inc. will post 5.22 EPS for the current fiscal year.

Insider Activity

In related news, COO Anshul Sadana sold 35,358 shares of the firm’s stock in a transaction on Monday, April 17th. The stock was sold at an average price of $163.04, for a total value of $5,764,768.32. Following the completion of the transaction, the chief operating officer now directly owns 72,460 shares of the company’s stock, valued at $11,813,878.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, SVP Marc Taxay sold 1,040 shares of the stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $165.65, for a total transaction of $172,276.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Anshul Sadana sold 35,358 shares of the firm’s stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $163.04, for a total transaction of $5,764,768.32. Following the sale, the chief operating officer now directly owns 72,460 shares of the company’s stock, valued at approximately $11,813,878.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 187,286 shares of company stock worth $30,301,727. Company insiders own 18.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ANET. JPMorgan Chase & Co. upped their price target on Arista Networks from $175.00 to $195.00 and gave the company an “overweight” rating in a research report on Wednesday, April 19th. The Goldman Sachs Group increased their price target on shares of Arista Networks from $170.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, April 5th. Morgan Stanley boosted their price objective on shares of Arista Networks from $140.00 to $150.00 and gave the company an “equal weight” rating in a research report on Friday, April 14th. Argus increased their target price on shares of Arista Networks from $175.00 to $195.00 in a research report on Tuesday, May 2nd. Finally, Rosenblatt Securities restated a “buy” rating and set a $175.00 price target on shares of Arista Networks in a report on Wednesday, April 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $175.85.

Arista Networks Company Profile

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Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

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

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