M&T Bank Corp Acquires 91,308 Shares of Arista Networks, Inc. (NYSE:ANET)

M&T Bank Corp raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 356.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,934 shares of the technology company’s stock after purchasing an additional 91,308 shares during the quarter. M&T Bank Corp’s holdings in Arista Networks were worth $12,925,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. LVZ Inc. increased its stake in Arista Networks by 358.1% during the 4th quarter. LVZ Inc. now owns 7,394 shares of the technology company’s stock valued at $817,000 after purchasing an additional 5,780 shares in the last quarter. Atria Investments Inc grew its stake in shares of Arista Networks by 352.7% in the 4th quarter. Atria Investments Inc now owns 76,776 shares of the technology company’s stock worth $8,486,000 after acquiring an additional 59,815 shares in the last quarter. Assetmark Inc. grew its stake in shares of Arista Networks by 317.6% in the 4th quarter. Assetmark Inc. now owns 246,117 shares of the technology company’s stock worth $27,203,000 after acquiring an additional 187,176 shares in the last quarter. Smithfield Trust Co grew its stake in shares of Arista Networks by 144.9% in the 4th quarter. Smithfield Trust Co now owns 4,065 shares of the technology company’s stock worth $450,000 after acquiring an additional 2,405 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. grew its stake in shares of Arista Networks by 298.2% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 38,330 shares of the technology company’s stock worth $4,237,000 after acquiring an additional 28,705 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the sale, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Marc Taxay sold 51,848 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold a total of 491,289 shares of company stock valued at $51,018,617 over the last three months. 3.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ANET has been the subject of several recent analyst reports. Barclays upped their target price on shares of Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Piper Sandler reiterated a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Rosenblatt Securities reiterated a “sell” rating and issued a $80.00 target price on shares of Arista Networks in a research note on Tuesday, February 18th. Morgan Stanley upped their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company upped their target price on shares of Arista Networks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $87.83 on Thursday. The company has a market capitalization of $110.76 billion, a P/E ratio of 39.56, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The company’s 50-day moving average is $110.13 and its 200 day moving average is $102.14.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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.