Beacon Harbor Wealth Advisors Inc. Takes Position in Arista Networks, Inc. (NYSE:ANET)

Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 23,736 shares of the technology company’s stock, valued at approximately $5,590,000. Arista Networks comprises approximately 1.6% of Beacon Harbor Wealth Advisors Inc.’s portfolio, making the stock its 26th largest holding.

Other large investors also recently bought and sold shares of the company. Brookstone Capital Management bought a new stake in shares of Arista Networks during the third quarter valued at approximately $1,561,000. Commonwealth Equity Services LLC raised its position in Arista Networks by 41.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 90,691 shares of the technology company’s stock valued at $16,681,000 after purchasing an additional 26,472 shares in the last quarter. Accurate Wealth Management LLC purchased a new stake in shares of Arista Networks in the 3rd quarter worth $242,000. Cambridge Investment Research Advisors Inc. grew its position in shares of Arista Networks by 25.6% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 41,569 shares of the technology company’s stock worth $7,646,000 after buying an additional 8,478 shares in the last quarter. Finally, Pinnacle Associates Ltd. purchased a new position in shares of Arista Networks during the third quarter valued at $208,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

ANET traded up $5.13 on Thursday, reaching $260.34. 774,868 shares of the stock were exchanged, compared to its average volume of 2,442,949. The company’s 50-day moving average price is $279.08 and its 200 day moving average price is $248.62. The firm has a market capitalization of $81.65 billion, a PE ratio of 39.39, a PEG ratio of 2.19 and a beta of 1.13. Arista Networks, Inc. has a fifty-two week low of $131.68 and a fifty-two week high of $307.74.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. Arista Networks’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period last year, the firm posted $1.25 EPS. As a group, equities analysts forecast that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ANET. KeyCorp increased their target price on shares of Arista Networks from $232.00 to $287.00 and gave the stock an “overweight” rating in a report on Thursday, January 18th. Piper Sandler lifted their price objective on shares of Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a report on Tuesday, February 13th. Rosenblatt Securities restated a “sell” rating and set a $210.00 target price on shares of Arista Networks in a report on Friday, April 12th. Barclays lifted their price target on Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Finally, Oppenheimer restated a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $275.59.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $286.52, for a total value of $573,040.00. Following the sale, the director now owns 60,946 shares in the company, valued at $17,462,247.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Jayshree Ullal sold 87,418 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,929,639.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $286.52, for a total value of $573,040.00. Following the completion of the transaction, the director now directly owns 60,946 shares of the company’s stock, valued at approximately $17,462,247.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 332,514 shares of company stock valued at $95,369,397. Company insiders own 18.99% of the company’s stock.

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.