Banque Pictet & Cie SA Buys 3,450 Shares of Arista Networks, Inc. (NYSE:ANET)

Banque Pictet & Cie SA grew its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 405.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 4,300 shares of the technology company’s stock after acquiring an additional 3,450 shares during the quarter. Banque Pictet & Cie SA’s holdings in Arista Networks were worth $475,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Swedbank AB raised its holdings in shares of Arista Networks by 293.2% during the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after buying an additional 5,034,022 shares in the last quarter. WCM Investment Management LLC raised its holdings in shares of Arista Networks by 292.8% during the 4th quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock worth $674,627,000 after buying an additional 4,512,166 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Arista Networks by 307.7% during the 4th quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock worth $512,056,000 after buying an additional 3,496,497 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Arista Networks by 306.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,433,425 shares of the technology company’s stock worth $268,966,000 after buying an additional 1,835,421 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Arista Networks by 322.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,323,157 shares of the technology company’s stock worth $259,557,000 after buying an additional 1,773,777 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ANET shares. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Barclays lowered their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. Morgan Stanley upped their target price on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. UBS Group upped their target price on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a report on Friday, November 8th. Finally, Rosenblatt Securities upped their target price on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $107.59.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 71,036 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $100.06, for a total value of $7,107,506.98. Following the completion of the sale, the chief executive officer now directly owns 70,724 shares of the company’s stock, valued at $7,076,289.82. This represents a 50.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John F. Mccool sold 6,340 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $98.58, for a total value of $625,013.05. Following the completion of the sale, the insider now directly owns 288 shares of the company’s stock, valued at approximately $28,391.76. This trade represents a 95.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 335,832 shares of company stock worth $37,787,297. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $106.64 on Friday. Arista Networks, Inc. has a one year low of $60.08 and a one year high of $133.57. The stock’s 50-day moving average is $113.94 and its 200 day moving average is $100.90. The firm has a market cap of $134.35 billion, a price-to-earnings ratio of 51.27, a PEG ratio of 3.10 and a beta of 1.09.

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.