Petra Financial Advisors Inc. Has $1.36 Million Stake in Arista Networks, Inc. (NYSE:ANET)

Petra Financial Advisors Inc. grew its stake in Arista Networks, Inc. (NYSE:ANET) by 297.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,329 shares of the technology company’s stock after acquiring an additional 9,230 shares during the period. Petra Financial Advisors Inc.’s holdings in Arista Networks were worth $1,363,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. OneDigital Investment Advisors LLC lifted its position in Arista Networks by 4.9% during the third quarter. OneDigital Investment Advisors LLC now owns 4,421 shares of the technology company’s stock worth $1,697,000 after acquiring an additional 207 shares during the last quarter. Claro Advisors LLC raised its position in Arista Networks by 166.4% during the third quarter. Claro Advisors LLC now owns 1,569 shares of the technology company’s stock valued at $602,000 after purchasing an additional 980 shares in the last quarter. Aljian Capital Management LLC acquired a new position in Arista Networks during the third quarter valued at approximately $235,000. Quest Partners LLC grew its stake in shares of Arista Networks by 149.2% during the third quarter. Quest Partners LLC now owns 2,896 shares of the technology company’s stock worth $1,112,000 after buying an additional 1,734 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Arista Networks during the third quarter worth $44,000. Institutional investors own 82.47% of the company’s stock.

Insider Activity

In related news, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock valued at $49,112,111 in the last three months. Company insiders own 3.54% of the company’s stock.

Arista Networks Price Performance

ANET opened at $85.06 on Tuesday. Arista Networks, Inc. has a fifty-two week low of $60.08 and a fifty-two week high of $133.58. The firm has a market capitalization of $107.27 billion, a PE ratio of 38.32, a P/E/G ratio of 3.10 and a beta of 1.08. The company’s 50-day moving average is $105.07 and its 200 day moving average is $101.92.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. As a group, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ANET. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and upped their price target for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

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.