Clearstead Trust LLC Boosts Stock Position in Arista Networks, Inc. (NYSE:ANET)

Clearstead Trust LLC lifted its position in Arista Networks, Inc. (NYSE:ANET) by 300.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 2,336 shares of the technology company’s stock after purchasing an additional 1,752 shares during the quarter. Clearstead Trust LLC’s holdings in Arista Networks were worth $258,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aptus Capital Advisors LLC lifted its stake in shares of Arista Networks by 4.7% in the 3rd quarter. Aptus Capital Advisors LLC now owns 2,446 shares of the technology company’s stock valued at $939,000 after acquiring an additional 109 shares during the last quarter. Empower Advisory Group LLC lifted its stake in shares of Arista Networks by 104.2% in the 3rd quarter. Empower Advisory Group LLC now owns 2,940 shares of the technology company’s stock valued at $1,128,000 after acquiring an additional 1,500 shares during the last quarter. Huntington National Bank lifted its stake in shares of Arista Networks by 384.6% in the 3rd quarter. Huntington National Bank now owns 10,085 shares of the technology company’s stock valued at $3,871,000 after acquiring an additional 8,004 shares during the last quarter. Zions Bancorporation N.A. lifted its stake in shares of Arista Networks by 6.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock valued at $160,000 after acquiring an additional 27 shares during the last quarter. Finally, Metis Global Partners LLC lifted its stake in shares of Arista Networks by 3.2% in the 3rd quarter. Metis Global Partners LLC now owns 10,876 shares of the technology company’s stock valued at $4,174,000 after acquiring an additional 342 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

ANET stock opened at $83.58 on Friday. The company has a market capitalization of $105.41 billion, a price-to-earnings ratio of 37.65, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The business’s 50 day moving average price is $105.75 and its two-hundred day moving average price is $101.71. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 1,488 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the sale, the director now owns 8,128 shares in the company, valued at $870,752.64. This represents a 15.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Marc Taxay sold 51,848 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock worth $49,112,111 in the last 90 days. Insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on ANET. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 price target on shares of Arista Networks in a research report on Tuesday, February 18th. Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research report on Wednesday, February 19th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $114.00.

About Arista Networks

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.