WT Asset Management Ltd Reduces Stock Position in Arista Networks, Inc. (NYSE:ANET)

WT Asset Management Ltd lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 69.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 30,000 shares of the technology company’s stock after selling 66,700 shares during the quarter. Arista Networks accounts for approximately 0.4% of WT Asset Management Ltd’s portfolio, making the stock its 25th biggest position. WT Asset Management Ltd’s holdings in Arista Networks were worth $3,316,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MidAtlantic Capital Management Inc. bought a new stake in shares of Arista Networks in the 3rd quarter valued at approximately $44,000. HM Payson & Co. increased its stake in Arista Networks by 28.2% during the third 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 third quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after purchasing an additional 128 shares during the period. Anchor Investment Management LLC lifted its position in shares of Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after buying an additional 35 shares during the last quarter. Finally, ORG Partners LLC boosted its holdings in shares of Arista Networks by 186.0% in the 3rd quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock valued at $55,000 after buying an additional 93 shares during the period. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

NYSE ANET opened at $115.11 on Friday. The firm has a market capitalization of $145.01 billion, a PE ratio of 55.34, a P/E/G ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.57. The company’s 50 day simple moving average is $112.58 and its 200 day simple moving average is $99.48.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the business earned $0.41 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. Sell-side analysts anticipate that Arista Networks, Inc. will post 1.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider John F. Mccool sold 6,340 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $98.58, for a total transaction of $625,013.05. Following the sale, the insider now directly owns 288 shares of the company’s stock, valued at $28,391.76. The trade was a 95.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. This trade represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 255,832 shares of company stock worth $28,538,497. 3.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ANET shares. Piper Sandler reissued a “neutral” rating and issued a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. The Goldman Sachs Group raised their price target on Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, January 17th. UBS Group upped their price objective on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research note on Friday, November 8th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Finally, Rosenblatt Securities upped their price target on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.83.

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.