Sigma Investment Counselors Inc. Acquires 33,760 Shares of Arista Networks, Inc. (NYSE:ANET)

Sigma Investment Counselors Inc. raised its holdings in Arista Networks, Inc. (NYSE:ANET) by 304.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 44,845 shares of the technology company’s stock after purchasing an additional 33,760 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in Arista Networks were worth $4,957,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Zions Bancorporation N.A. increased its position in Arista Networks by 6.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock worth $160,000 after purchasing an additional 27 shares in the last quarter. Intellectus Partners LLC increased its holdings in shares of Arista Networks by 1.4% during the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock worth $740,000 after buying an additional 27 shares in the last quarter. Altman Advisors Inc. increased its holdings in shares of Arista Networks by 0.5% during the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after buying an additional 28 shares in the last quarter. HM Payson & Co. lifted its stake in shares of Arista Networks by 28.2% in the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after acquiring an additional 29 shares during the last quarter. Finally, Beacon Financial Advisory LLC boosted its holdings in shares of Arista Networks by 4.9% during the 3rd quarter. Beacon Financial Advisory LLC now owns 640 shares of the technology company’s stock valued at $246,000 after acquiring an additional 30 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $108.29, for a total value of $8,663,200.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,405,171.04. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider John F. Mccool sold 288 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $108.70, for a total value of $31,305.60. The disclosure for this sale can be found here. Insiders sold 260,056 shares of company stock worth $30,225,623 in the last quarter. 3.54% of the stock is owned by corporate insiders.

Arista Networks Trading Down 4.9 %

Shares of Arista Networks stock opened at $98.31 on Friday. The company has a market cap of $123.97 billion, a P/E ratio of 44.28, a PEG ratio of 3.27 and a beta of 1.09. The business has a 50-day moving average price of $113.66 and a two-hundred day moving average price of $101.85. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.57.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Equities research analysts forecast that Arista Networks, Inc. will post 2.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a report on Wednesday. Rosenblatt Securities reiterated a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a report on Tuesday, February 18th. Needham & Company LLC reissued a “buy” rating and set a $145.00 target price on shares of Arista Networks in a report on Wednesday. Citigroup upped their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $113.79.

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.