Sierra Summit Advisors LLC Purchases Shares of 81,430 Arista Networks, Inc. (NYSE:ANET)

Sierra Summit Advisors LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 81,430 shares of the technology company’s stock, valued at approximately $9,000,000. Arista Networks accounts for about 1.8% of Sierra Summit Advisors LLC’s holdings, making the stock its 22nd biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Morse Asset Management Inc purchased a new position in shares of Arista Networks during the third quarter worth about $123,000. EP Wealth Advisors LLC acquired a new position in Arista Networks during the third quarter worth $6,100,000. iA Global Asset Management Inc. purchased a new position in shares of Arista Networks in the 3rd quarter valued at about $2,961,000. National Bank of Canada FI increased its holdings in Arista Networks by 46.0% in the third quarter. National Bank of Canada FI now owns 186,429 shares of the technology company’s stock valued at $71,555,000 after buying an additional 58,718 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its stake in Arista Networks by 0.8% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 12,723 shares of the technology company’s stock valued at $4,883,000 after purchasing an additional 97 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at approximately $10,840,249.20. The trade was a 5.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total value of $9,248,800.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,500,155.36. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 411,001 shares of company stock worth $39,362,831. Insiders own 3.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ANET shares. Erste Group Bank cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Needham & Company LLC reissued a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a research note on Wednesday, February 19th. Rosenblatt Securities reissued a “sell” rating and set a $80.00 target price on shares of Arista Networks in a research report on Tuesday, February 18th. Finally, Morgan Stanley raised their price objective on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Arista Networks Stock Performance

Shares of ANET stock opened at $64.28 on Monday. The stock has a market capitalization of $81.07 billion, a price-to-earnings ratio of 28.96, a PEG ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a one year low of $57.80 and a one year high of $133.58. The company’s 50-day simple moving average is $94.01 and its 200-day simple moving average is $101.37.

Arista Networks (NYSE:ANET) last released its quarterly earnings data 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 firm had revenue of $1.93 billion for the quarter, compared to analyst estimates 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 forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks 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.