Rep. James Comer Acquires Shares of Arista Networks, Inc. (NYSE:ANET)

Representative James Comer (R-Kentucky) recently bought shares of Arista Networks, Inc. (NYSE:ANET). In a filing disclosed on January 10th, the Representative disclosed that they had bought between $1,001 and $15,000 in Arista Networks stock on January 2nd.

Representative James Comer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Palo Alto Networks (NASDAQ:PANW) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Dover (NYSE:DOV) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of PayPal (NASDAQ:PYPL) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Uber Technologies (NYSE:UBER) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Broadcom (NASDAQ:AVGO) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Home Depot (NYSE:HD) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Amphenol (NYSE:APH) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Apple (NASDAQ:AAPL) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Amazon.com (NASDAQ:AMZN) on 1/2/2025.

Arista Networks Stock Up 2.0 %

NYSE ANET opened at $114.87 on Wednesday. The stock has a market capitalization of $144.71 billion, a PE ratio of 55.23, a price-to-earnings-growth ratio of 3.21 and a beta of 1.08. Arista Networks, Inc. has a 12-month low of $60.08 and a 12-month high of $120.28. The company has a 50 day moving average price of $107.03 and a two-hundred day moving average price of $96.46.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter last year, the company earned $0.41 EPS. Arista Networks’s revenue was up 20.0% on a year-over-year basis. As a group, equities analysts anticipate that Arista Networks, Inc. will post 1.96 EPS for the current year.

Institutional Investors Weigh In On Arista Networks

Several hedge funds have recently bought and sold shares of ANET. Anchor Investment Management LLC purchased a new position in Arista Networks in the second quarter worth $35,000. MidAtlantic Capital Management Inc. bought a new position in shares of Arista Networks during the 3rd quarter valued at about $44,000. HM Payson & Co. increased its position in shares of Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after purchasing an additional 29 shares during the last quarter. True Wealth Design LLC raised its holdings in shares of Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after buying an additional 128 shares in the last quarter. Finally, ORG Partners LLC lifted its position in Arista Networks by 186.0% in the 3rd quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock worth $55,000 after buying an additional 93 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the completion of the transaction, the director now directly owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $99.12, for a total value of $147,887.04. Following the completion of the sale, the director now directly owns 8,768 shares in the company, valued at $869,084.16. The trade was a 14.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 345,316 shares of company stock worth $37,761,976 over the last ninety days. Insiders own 3.54% of the company’s stock.

Analyst Ratings Changes

ANET has been the subject of several research analyst reports. Wells Fargo & Company boosted their price target on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group upped their target price on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a report on Friday, November 8th. The Goldman Sachs Group increased their price target on shares of Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a report on Tuesday, September 24th. Piper Sandler restated a “neutral” rating and issued a $105.25 price target (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Finally, Morgan Stanley raised their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $102.42.

About Representative Comer

James Comer Jr. (Republican Party) is a member of the U.S. House, representing Kentucky’s 1st Congressional District. He assumed office on November 14, 2016. His current term ends on January 3, 2025. Comer (Republican Party) ran for re-election to the U.S. House to represent Kentucky’s 1st Congressional District. He won in the general election on November 8, 2022. Prior to serving in Congress, Comer was the Kentucky Commissioner of Agriculture from 2012 to 2016, and the Kentucky House of Representatives from 2001 to 2012. He also unsuccessfully ran for Governor of Kentucky in 2015. A writer for the Louisville Courier-Journal called Comer “instrumental in the final passage of a five-year farm bill,” noting that he served on the conference committee that produced the final version of the bill. Comer is from Tompkinsville, Ky. He acted as the director of South Central Bank for 12 years and has been the co-owner of the Comer Land and Cattle Company. He previously served as president of CFB Foods Incorporated from 2001 to 2003 and president of Comer and Polston Insurance Incorporated from 1993 to 1995.

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.