Chase Investment Counsel Corp Has $7.27 Million Holdings in Arista Networks, Inc. (NYSE:ANET)

Chase Investment Counsel Corp lifted its stake in Arista Networks, Inc. (NYSE:ANET) by 284.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,730 shares of the technology company’s stock after buying an additional 48,654 shares during the period. Arista Networks makes up approximately 2.3% of Chase Investment Counsel Corp’s investment portfolio, making the stock its 8th biggest position. Chase Investment Counsel Corp’s holdings in Arista Networks were worth $7,265,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Jacobi Capital Management LLC raised its position in Arista Networks by 302.3% during the fourth quarter. Jacobi Capital Management LLC now owns 5,004 shares of the technology company’s stock valued at $553,000 after purchasing an additional 3,760 shares in the last quarter. Metis Global Partners LLC increased its holdings in shares of Arista Networks by 314.7% during the fourth quarter. Metis Global Partners LLC now owns 45,103 shares of the technology company’s stock worth $4,985,000 after buying an additional 34,227 shares in the last quarter. Williamson Legacy Group LLC acquired a new position in shares of Arista Networks during the fourth quarter worth $909,000. US Bancorp DE increased its holdings in shares of Arista Networks by 282.5% during the fourth quarter. US Bancorp DE now owns 169,090 shares of the technology company’s stock worth $18,690,000 after buying an additional 124,886 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Arista Networks by 307.8% during the fourth quarter. Fisher Asset Management LLC now owns 27,392 shares of the technology company’s stock worth $3,028,000 after buying an additional 20,675 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Up 1.7 %

Shares of ANET opened at $93.10 on Friday. The stock has a market capitalization of $117.41 billion, a P/E ratio of 41.94, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. The firm’s fifty day simple moving average is $111.80 and its two-hundred day simple moving average is $102.08. Arista Networks, Inc. has a 12 month low of $60.08 and a 12 month high of $133.57.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations 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 predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Analyst Ratings Changes

ANET has been the subject of several research analyst reports. Morgan Stanley upped their price target on shares of 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 price target on shares of Arista Networks from $106.00 to $112.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Citigroup upped their price target on shares of Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Wells Fargo & Company increased their price objective on Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Finally, Piper Sandler restated a “neutral” rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $113.79.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,405,171.04. This represents a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the transaction, the director now directly owns 8,128 shares in the company, valued at $870,752.64. This trade represents a 15.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 433,441 shares of company stock valued at $46,538,462 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

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.