Peregrine Asset Advisers Inc. Has $545,000 Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Peregrine Asset Advisers Inc. increased its stake in Arista Networks, Inc. (NYSE:ANET) by 41.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,555 shares of the technology company’s stock after purchasing an additional 455 shares during the quarter. Peregrine Asset Advisers Inc.’s holdings in Arista Networks were worth $545,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of ANET. GQG Partners LLC purchased a new position in shares of Arista Networks during the 1st quarter valued at $881,848,000. Norges Bank acquired a new position in Arista Networks in the 4th quarter worth about $586,051,000. Swedbank AB purchased a new stake in shares of Arista Networks during the 1st quarter worth about $521,767,000. Vanguard Group Inc. lifted its holdings in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares during the last quarter. Finally, TD Asset Management Inc raised its position in Arista Networks by 145.5% during the fourth quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock valued at $187,215,000 after acquiring an additional 471,099 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the transaction, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,595,800 shares in the company, valued at approximately $569,700,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 106,989 shares of company stock worth $37,891,416. 3.54% of the stock is owned by insiders.

Arista Networks Stock Performance

Shares of ANET opened at $359.16 on Tuesday. Arista Networks, Inc. has a 52 week low of $168.25 and a 52 week high of $376.50. The firm has a market capitalization of $112.55 billion, a price-to-earnings ratio of 50.02, a PEG ratio of 2.70 and a beta of 1.07. The business’s fifty day moving average price is $340.84 and its two-hundred day moving average price is $314.50.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. During the same period in the previous year, the business posted $1.41 EPS. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, research analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. UBS Group lifted their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Rosenblatt Securities lifted their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Piper Sandler raised their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Jefferies Financial Group boosted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Bank of America lifted their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $358.63.

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.