Arista Networks, Inc. $ANET Shares Acquired by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Arista by 5.3% in Q4 to 288,438 shares, valued at about $38.14 million.
• Arista beat Q4 expectations with $0.82 EPS (vs. $0.75 consensus) and $2.49B revenue (up 28.9% YoY), and analysts have raised price targets amid a broadly positive outlook (average target $176.47, consensus "Moderate Buy").
• Insiders have been net sellers recently: Kenneth Duda sold 32,000 shares on March 17, and insiders sold 199,632 shares worth about $26.94M over the last 90 days, with insiders owning 3.54% of the stock.

Wealth Enhancement Advisory Services LLC boosted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 5.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 288,438 shares of the technology company's stock after purchasing an additional 14,456 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Arista Networks were worth $38,138,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Walkner Condon Financial Advisors LLC grew its stake in shares of Arista Networks by 0.4% during the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 18,509 shares of the technology company's stock valued at $2,697,000 after buying an additional 70 shares during the period. AdvisorNet Financial Inc raised its position in shares of Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company's stock worth $29,000 after buying an additional 72 shares during the period. Crown Wealth Group LLC raised its position in shares of Arista Networks by 2.4% in the 3rd quarter. Crown Wealth Group LLC now owns 3,175 shares of the technology company's stock worth $463,000 after buying an additional 75 shares during the period. Fragasso Financial Advisors Inc boosted its holdings in Arista Networks by 1.8% in the third quarter. Fragasso Financial Advisors Inc now owns 4,237 shares of the technology company's stock valued at $616,000 after acquiring an additional 76 shares during the last quarter. Finally, West Family Investments Inc. boosted its holdings in Arista Networks by 0.9% in the third quarter. West Family Investments Inc. now owns 8,364 shares of the technology company's stock valued at $1,219,000 after acquiring an additional 76 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Trading Up 3.6%

Shares of ANET stock opened at $135.98 on Tuesday. The firm has a fifty day simple moving average of $135.61 and a 200-day simple moving average of $137.24. The company has a market capitalization of $170.87 billion, a PE ratio of 49.27, a price-to-earnings-growth ratio of 2.32 and a beta of 1.46. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.07. The firm had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The firm's quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.66 EPS. Equities research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ANET shares. Rosenblatt Securities upped their price target on Arista Networks from $140.00 to $165.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 10th. KeyCorp reiterated an "overweight" rating and set a $178.00 target price (up from $170.00) on shares of Arista Networks in a report on Friday, February 13th. Piper Sandler reissued an "overweight" rating and set a $175.00 target price (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. Evercore restated an "outperform" rating and issued a $200.00 price target on shares of Arista Networks in a report on Friday, February 13th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research note on Friday, February 13th. Eighteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $176.47.

Insider Buying and Selling

In other Arista Networks news, insider Kenneth Duda sold 32,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $134.14, for a total transaction of $4,292,480.00. Following the completion of the sale, the insider owned 12,976 shares in the company, valued at $1,740,600.64. This trade represents a 71.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $140.43, for a total value of $1,123,440.00. Following the sale, the director owned 9,784 shares in the company, valued at $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 199,632 shares of company stock worth $26,936,324. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista's offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista's product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company's hardware platforms.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.