Hartford Investment Management Co. Buys 47,659 Shares of Arista Networks, Inc. (NYSE:ANET)

Hartford Investment Management Co. lifted its position in Arista Networks, Inc. (NYSE:ANET) by 293.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,887 shares of the technology company’s stock after buying an additional 47,659 shares during the quarter. Hartford Investment Management Co.’s holdings in Arista Networks were worth $7,061,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Gladstone Institutional Advisory LLC grew its position in shares of Arista Networks by 400.1% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 42,666 shares of the technology company’s stock valued at $4,716,000 after acquiring an additional 34,134 shares during the period. Capital Advisors Inc. OK lifted its stake in Arista Networks by 300.0% in the 4th quarter. Capital Advisors Inc. OK now owns 2,560 shares of the technology company’s stock valued at $283,000 after purchasing an additional 1,920 shares during the last quarter. Certuity LLC grew its holdings in Arista Networks by 273.4% during the fourth quarter. Certuity LLC now owns 32,339 shares of the technology company’s stock worth $3,577,000 after purchasing an additional 23,678 shares during the period. Community Financial Services Group LLC increased its position in Arista Networks by 303.8% during the fourth quarter. Community Financial Services Group LLC now owns 37,103 shares of the technology company’s stock worth $4,101,000 after buying an additional 27,914 shares during the last quarter. Finally, Beacon Financial Group raised its stake in Arista Networks by 254.1% in the fourth quarter. Beacon Financial Group now owns 13,461 shares of the technology company’s stock valued at $1,488,000 after buying an additional 9,660 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related 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 owns 288 shares in the company, valued at $28,391.76. The trade was a 95.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 71,036 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $100.06, for a total transaction of $7,107,506.98. Following the completion of the transaction, the chief executive officer now owns 70,724 shares of the company’s stock, valued at approximately $7,076,289.82. This trade represents a 50.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 335,832 shares of company stock worth $37,787,297. 3.54% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ANET. Morgan Stanley lifted their target price on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. UBS Group increased their price objective on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research report on Friday, November 8th. The Goldman Sachs Group lifted their target price on shares of Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Rosenblatt Securities upped their price target on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.83.

Arista Networks Stock Performance

NYSE:ANET opened at $116.82 on Wednesday. The company has a market cap of $147.16 billion, a price-to-earnings ratio of 56.16, a PEG ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The stock has a fifty day moving average price of $113.57 and a 200-day moving average price of $100.33.

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.