Arista Networks, Inc. (NYSE:ANET) Position Increased by DAVENPORT & Co LLC

DAVENPORT & Co LLC lifted its holdings in Arista Networks, Inc. (NYSE:ANET) by 356.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 26,977 shares of the technology company’s stock after buying an additional 21,064 shares during the quarter. DAVENPORT & Co LLC’s holdings in Arista Networks were worth $2,982,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of ANET. State Street Corp boosted its holdings in shares of Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after acquiring an additional 411,109 shares during the period. Swedbank AB lifted its position in Arista Networks by 293.2% in the 4th quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after purchasing an additional 5,034,022 shares during the last quarter. Geode Capital Management LLC boosted its stake in Arista Networks by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock valued at $2,246,705,000 after purchasing an additional 236,151 shares during the period. Wellington Management Group LLP grew its position in Arista Networks by 22.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after purchasing an additional 492,615 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Arista Networks by 4.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company’s stock valued at $876,481,000 after purchasing an additional 99,790 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the completion of the transaction, the director now owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Friday, December 6th. The stock was 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 in the company, valued at approximately $1,405,171.04. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 255,832 shares of company stock worth $28,538,497 in the last quarter. 3.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ANET. The Goldman Sachs Group boosted their price objective on Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Barclays decreased their price target on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, Rosenblatt Securities boosted their price target on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $105.83.

Arista Networks Stock Performance

Arista Networks stock opened at $115.11 on Friday. The firm has a market cap of $145.01 billion, a price-to-earnings ratio of 55.34, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.57. The firm’s 50 day moving average price is $112.58 and its two-hundred day moving average price is $99.48.

Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the firm posted $0.41 EPS. The company’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, equities analysts predict that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

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.