Rep. James Comer Purchases Shares of Arista Networks, Inc. (NYSE:ANET)

Representative James Comer (R-Kentucky) recently bought shares of Arista Networks, Inc. (NYSE:ANET). In a filing disclosed on January 10th, the Representative disclosed that they had bought between $1,001 and $15,000 in Arista Networks stock on January 2nd.

Representative James Comer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Palo Alto Networks (NASDAQ:PANW) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Dover (NYSE:DOV) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of PayPal (NASDAQ:PYPL) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Uber Technologies (NYSE:UBER) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Broadcom (NASDAQ:AVGO) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Home Depot (NYSE:HD) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Amphenol (NYSE:APH) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Apple (NASDAQ:AAPL) on 1/2/2025.
• Purchased $1,001 – $15,000 in shares of Amazon.com (NASDAQ:AMZN) on 1/2/2025.

Arista Networks Trading Up 1.1 %

NYSE ANET traded up $1.25 during midday trading on Wednesday, hitting $116.16. The company had a trading volume of 2,616,658 shares, compared to its average volume of 5,668,093. Arista Networks, Inc. has a twelve month low of $60.08 and a twelve month high of $120.28. The company has a market capitalization of $146.33 billion, a PE ratio of 55.85, a P/E/G ratio of 3.21 and a beta of 1.08. The firm has a 50-day moving average price of $107.03 and a 200-day moving average price of $96.46.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period last year, the firm posted $0.41 earnings per share. On average, equities analysts anticipate that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insider Activity at Arista Networks

In related news, SVP Marc Taxay sold 2,496 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $96.83, for a total transaction of $241,693.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 3,328 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $99.35, for a total transaction of $330,628.48. Following the completion of the transaction, the chief executive officer now owns 70,724 shares in the company, valued at $7,026,252.59. This represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 345,316 shares of company stock valued at $37,761,976. Corporate insiders own 3.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ANET. The Goldman Sachs Group increased their target price on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Morgan Stanley boosted their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Piper Sandler restated a “neutral” rating and set a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Evercore ISI boosted their price objective on shares of Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Rosenblatt Securities lifted their price objective on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.42.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Anchor Investment Management LLC bought a new stake in shares of Arista Networks in the second quarter valued at approximately $35,000. MidAtlantic Capital Management Inc. bought a new position in shares of Arista Networks in the third quarter worth $44,000. HM Payson & Co. raised its stake in shares of Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after purchasing an additional 29 shares during the period. True Wealth Design LLC lifted its holdings in Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after purchasing an additional 128 shares in the last quarter. Finally, ORG Partners LLC increased its position in shares of Arista Networks by 186.0% during the third quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock valued at $55,000 after buying an additional 93 shares during the period. Institutional investors own 82.47% of the company’s stock.

About Representative Comer

James Comer Jr. (Republican Party) is a member of the U.S. House, representing Kentucky’s 1st Congressional District. He assumed office on November 14, 2016. His current term ends on January 3, 2025. Comer (Republican Party) ran for re-election to the U.S. House to represent Kentucky’s 1st Congressional District. He won in the general election on November 8, 2022. Prior to serving in Congress, Comer was the Kentucky Commissioner of Agriculture from 2012 to 2016, and the Kentucky House of Representatives from 2001 to 2012. He also unsuccessfully ran for Governor of Kentucky in 2015. A writer for the Louisville Courier-Journal called Comer “instrumental in the final passage of a five-year farm bill,” noting that he served on the conference committee that produced the final version of the bill. Comer is from Tompkinsville, Ky. He acted as the director of South Central Bank for 12 years and has been the co-owner of the Comer Land and Cattle Company. He previously served as president of CFB Foods Incorporated from 2001 to 2003 and president of Comer and Polston Insurance Incorporated from 1993 to 1995.

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.